-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Here in Rockford the Realtors Association gives the previous 90 day average selling price on a year over year basis which is an accurate number. What is left out is what was the average purchase price of those same homes? They can say that the average sale this reporting period is say $109K up from $100K the year before or up 9% which sounds a lot but fail to mention the average purchase price was maybe was $130K 15 years ago or a loss of 16.5%. Numbers can easily be skewed to look more or less attractive depending on need.… Read more »
Right, and average prices at any point in time are meaningless because they are distorted by which end of the price spectrum is doing well at any point in time. If, for example, cheap homes are churning faster than pricey ones, the average gets dragged down. That’s why Case-Shiller is the only good price index. It corrects for that by looking at same-home changes. The second best gauge for who the home market is doing is average time on market.
Thanks. I agree with Case-Shiller the price index. What is rarely considered if at all is what are these high property tax’s doing to the true market market value of property. High tax’s diminish values like here in Rockford. What would the value of our homes be if we implemented Indiana’s tax structure with 1% residential and 2% commercial and rentals and have a local county income tax?. For example what if everyone had to pay tax’s on stocks every year even though you may have not sold the stock. Tax’s are deferred until stock is sold to determine if… Read more »
So, how does the mayor of romeoville come of with a figure home values are up 9%. Didn’t even make the list that was published in the article. Another false claim Noak.