Do You Have Any Idea How Crazy High Illinois Property Taxes Can Be?

Do You Have Any Idea How Crazy High Illinois Property Taxes Can Be?
About 2 years ago I posted on how Chicago Property Taxes Are Some Of The Highest In The Nation And Heading Higher. In that post I showed some of the analyses of property tax rates by state but those averages don’t even begin to tell the whole story of Illinois property taxes. It’s actually much... Read more »

More Evidence That It's Time For Joseph Berrios To Go

More Evidence That It's Time For Joseph Berrios To Go
Back in June I posted on the Chicago Tribune’s expose on just how screwed up the Cook County Assessor’s office was, resulting in huge discrepancies between the tax bills for expensive and cheap properties in the area. Then, just last week, ProPublica, in conjunction with the Chicago Tribune, published another analysis that showed major problems... Read more »

Chicago Real Estate Market: Strongest November Sales In 11 Years

Chicago Real Estate Market: Strongest November Sales In 11 Years
I picked that headline because it’s a nice attention grabber. It’s technically true but it doesn’t really tell the whole story, which is much more disconcerting. While the Chicago real estate market did have it’s strongest home sales in 11 years November was only up 2.2% from last year and up only 3.4% from November... Read more »
Advertisement:

New Tax Plan Likely To Exacerbate Home Inventory Shortage

New Tax Plan Likely To Exacerbate Home Inventory Shortage
The best I can tell there is one provision of the new tax plan that is a done deal. Surprisingly it doesn’t seem to be getting that much press coverage. It’s a change in the requirements for avoiding a capital gains tax on the first $500,000 (for a couple) of gain on the sale of... Read more »

Case Study: Buying A House Without A Realtor

Case Study: Buying A House Without A Realtor
The call came in a few months ago – much like others I have gotten over the years. The home buyer had started out buying a house without a realtor, thinking they could pocket the co-operating commission. However, at the last minute they were running into obstacles. The listing agent intended to keep both sides... Read more »

Chicago Area Home Price Gains Improve But Still Lag Most Of Country

Chicago Area Home Price Gains Improve But Still Lag Most Of Country
The Dow Jones S&P CoreLogic Case-Shiller home price indices for September came out this morning, showing national prices for single family homes rising 6.2% over the last 12 months. Chicago did register a 6 month high in year over year price gains – it’s 59th consecutive month of price gains – but at 3.9% we... Read more »
Advertisement:

7 Month High In Chicago Foreclosure Activity Probably A Good Thing

7 Month High In Chicago Foreclosure Activity Probably A Good Thing
Thanks to RealtyTrac (part of Attom Data Solutions) we have updated October data for Chicago foreclosure activity which I have used to update my graph below. Although the data shows a spike in overall activity defaults, which are the key metric, didn’t really change much. Since defaults feed the foreclosure process this is a good... Read more »

Cook County Assessor Primary: Your Chance To Fix Property Tax System

Cook County Assessor Primary: Your Chance To Fix Property Tax System
Back in June I wrote about the Chicago Tribune’s excellent expose on the broken Cook County property tax assessment process which pointed out that lower priced properties are being over-assessed while higher priced properties are being under-assessed. It’s a problem that I have noted anecdotally from time to time. It seems that numerous properties that... Read more »

The One Compelling Argument For Home Ownership Tax Deductions

The One Compelling Argument For Home Ownership Tax Deductions
As you might imagine the various realtor organizations are apoplectic over the possibility that the government will take away handouts for homeownership – specifically the mortgage interest tax deduction for large mortgages and the deductions for state and local taxes, including property taxes. You can see what the NAR has to say about it here... Read more »
Advertisement:

Hurricanes Definitely Push Up Home Prices

Hurricanes Definitely Push Up Home Prices
With the rash of hurricanes that hit us this year I was wondering what the impact would be on home prices in the affected areas. Suddenly you have the wholesale destruction of a significant portion of the housing stock in an area, accompanied by thousands of homeless families that need a place to live. Hopefully,... Read more »