Best February in 7 years for local home sales (Chicago, Naperville: fit in, taxes)

[rparz]

Originally Posted by chet everett

Financially there is probably no other state that is facing as big a mountain of pension debt.

There are many instance of people foolishly throwing their money away on everything from AMC Gremlins to Oldsmobiles, Pontiacs, Plumouths and Mecuries...

Illinois and the Chicago politicians have been getting griped about my whole life and my Grandparents complained about similar things back in the fifties. "It's all going to hell, they're driving this city into the ground.'

I wouldn't be surprised if there were the same things said for every generation.

I'm betting that the city and state will still be here 300 years from now. (and so will my house)

[Vlajos]

'Flash Sales' Grow More Common | Realtor Magazine

From refin, Chicago is second to phoenix in the number of flash sales. Properties going under contract in 24 hours or less.

[williepotatoes]

Originally Posted by rparz

Illinois and the Chicago politicians have been getting griped about my whole life and my Grandparents complained about similar things back in the fifties. "It's all going to hell, they're driving this city into the ground.'

I wouldn't be surprised if there were the same things said for every generation.

I'm betting that the city and state will still be here 300 years from now. (and so will my house)

Amen, I've been hearing how politicians were screwing us all since I was old enough to know what politicians were. Chicago had much worse corruption, both political and general thruout the 20th century. Guess what? we thrived despite it. Corruption on any level is detrimental, but it has to be kept in perspective also.

[chet everett]

I really doubt any cranky old men in the 1950s would have been able to produce so thorough and detailed a description of just how out of whack Illinois' pension problem has become: http://civiccommittee.org/initiative...lans_FINAL.pdf


The Securities & Exchange Commission is actually changing Illinios with fraud becuae of the way it failed to disclosure the magnitude of it problems when selling bonds to keep the money pump running-- Illinois public pensions - Sunshine Review

Stick your heads in the sand and pretend this is "normal" and soon other realities will be unavoidable --- Detroit's emergency financial manager won't rule out bankruptcy for the city | Detroit Free Press | freep.com

[rparz]

Originally Posted by chet everett

Stick your heads in the sand and pretend this is "normal" and soon other realities will be unavoidable --- Detroit's emergency financial manager won't rule out bankruptcy for the city | Detroit Free Press | freep.com

Maybe. Or, maybe since I've lived there my whole life with a family tree going back generations I know what 'wheels to grease' to get what I need done.

I could see if you're on the 'outside looking in' thinking this is a problem. I see this as the way things have always gotten done. In fact, I don't know any other way - it's how I was raised.

[rparz]

Originally Posted by williepotatoes

Amen, I've been hearing how politicians were screwing us all since I was old enough to know what politicians were. Chicago had much worse corruption, both political and general thruout the 20th century. Guess what? we thrived despite it. Corruption on any level is detrimental, but it has to be kept in perspective also.

"The Machine" does not have the juice it once did. Perhaps that's part of the problem. You can't get your precinct captains to sign off on the tough measures and have rank and file fall into line. Now, we get to deal with political stalemates.

[chet everett]

Every day the unfunded liability increases by $17,000,000. The total liability shortfall is over $96,000,000,000.

You got that much grease to spread around?


The fact is that higher taxes are going to be pushed. That will cause taxes to soar and property values to sink -- it is exactly like the situation that already exisits with older condos that have high "maintenance fees" depressing selling prices.

[rparz]

Probably going to start hitting up the burbs for more $$.

Higher parking at the airports, tolls to enter, maybe a downtown congestion charge added to Metra tickets.

Or, everyone's favorite, higher water prices.


I assure you, it'll get figured out. You and everyone else might not like it, but it'll get figured out.

[rparz]

Originally Posted by chet everett

The fact is that higher taxes are going to be pushed. That will cause taxes to soar and property values to sink -- it is exactly like the situation that already exisits with older condos that have high "maintenance fees" depressing selling prices.

Probably, but Downtown Chicago is still where all the high paying jobs are which should buoy property values close to the CBD. Rents will go up to compensate. No one wants to sit in traffic for hours anymore, look at the rising rents. It's not as if some suburb is going to come in and replace the loop.

The only real alternative is to leave the midwest entirely, but there's a lot of people who won't do that.

[williepotatoes]

Originally Posted by chet everett

Every day the unfunded liability increases by $17,000,000. The total liability shortfall is over $96,000,000,000.

You got that much grease to spread around?


The fact is that higher taxes are going to be pushed. That will cause taxes to soar and property values to sink -- it is exactly like the situation that already exisits with older condos that have high "maintenance fees" depressing selling prices.

No Chet taxes do not have to skyrocket to solve the problem. And a liability is still owed whether it is paid today or next month. That 17 mill is due to be paid out many, many years from now and it drops precipitously when reforms are eventually passed. Either by this legislature or the next.