Chicago home sales drop 28% in June

Sales and median prices for existing homes in Chicago and the state dropped in June as the real estate market remained strained by low consumer confidence and a troubled economy.

[Spector]

Does she mean 27 homes, or 27%?

[No Problem]

Let's just raise taxes - you know, the most regressive form of taxation there is - the sales tax, despite the continuing implosion of home-values/equity, the deepening recession, the worsening national debt, the overt inflationary pressures on consumers for higher and higher commodity [food and energy] prices, etc, etc.
Sure - Stroger and guttless Richie only know how to tax, tax and tax some more.
Look out 24 months down the road, how many retailers in Chicago and/or Crook County will be shuttered? How many consumers will actively shift to buying goods via the Internet, in the collar counties, in southeastern Wisconsin and/or in northeastern Indiana? How many conventions will take a pass on Chicago and choose Vegas or Orlando instead? How many formerly middle-class Chicagoans will desperately try to head to the out of Chicago/out of Crook County suburban venues to avoid the Chciago Public Schools for their kids, to reduce their sale tax CONfiscation and to avoid the crime spree sweeping Chicagoland and Crook County? How many service sector jobs will flee the city, county and state for lower labor costing venues {aka: right to work states, Mexico and elsewhere}?
Does anybody else notice that the....fecal matter is well over hip deep and rising?
Yep, we're deep in it alright and the tide's only now coming in.
Better take a deep breath and be prepared to hold it - we're in for a tidal wave of reality checkpoints.
PU

[Anonymous Coward]

So if the appraised value of a house goes down, shouldn't the taxable rate also go down?

[wow]

Anonymous Coward wrote:

So if the appraised value of a house goes down, shouldn't the taxable rate also go down?

You would think that.
But, The crooks in local government know that too.
Why do you think they raised the sales tax?

It's the only tax you can raise that will bring in guranteed revenue no matter what condition the economy is in.

I'm sure there are 2-3 other forms of taxation the Crroks will pass within the next 2 years to offset the lack of revenue they won't receive from property taxes.

[MinisterR]

Funny I just got a notice that my property has been reassessed and "the valuation" has changed in 1 year from $27,313 to $32,487

I will of course be fighting this vigorously

[nick]

notice how they're not cutting the interest rates on the mortgages even for qualified buyers, even if the banks buy for less. Once again we bail them out and they screw us over.

[aba]

wow wrote:

<quoted text>
You would think that.
But, The crooks in local government know that too.
Why do you think they raised the sales tax?
It's the only tax you can raise that will bring in guranteed revenue no matter what condition the economy is in.
I'm sure there are 2-3 other forms of taxation the Crroks will pass within the next 2 years to offset the lack of revenue they won't receive from property taxes.

Not true...the sales tax is essentially a consumption tax. It excludes certain essential items....many of which will be continued to be bought almost no matter what. On the other hand discretionary items will fall.

[aba]

No Problem wrote:

Let's just raise taxes - you know, the most regressive form of taxation there is - the sales tax, despite the continuing implosion of home-values/equity, the deepening recession, the worsening national debt, the overt inflationary pressures on consumers for higher and higher commodity [food and energy] prices, etc, etc.
Sure - Stroger and guttless Richie only know how to tax, tax and tax some more.
Look out 24 months down the road, how many retailers in Chicago and/or Crook County will be shuttered? How many consumers will actively shift to buying goods via the Internet, in the collar counties, in southeastern Wisconsin and/or in northeastern Indiana? How many conventions will take a pass on Chicago and choose Vegas or Orlando instead? How many formerly middle-class Chicagoans will desperately try to head to the out of Chicago/out of Crook County suburban venues to avoid the Chciago Public Schools for their kids, to reduce their sale tax CONfiscation and to avoid the crime spree sweeping Chicagoland and Crook County? How many service sector jobs will flee the city, county and state for lower labor costing venues {aka: right to work states, Mexico and elsewhere}?
Does anybody else notice that the....fecal matter is well over hip deep and rising?
Yep, we're deep in it alright and the tide's only now coming in.
Better take a deep breath and be prepared to hold it - we're in for a tidal wave of reality checkpoints.
PU

I think you are in need of a reality check. People are certainly not going to be fleeing out to auto-dependent outer areas in light of 4 or 5 or 6$ gas. Have fun driving. Enjoy your high property taxes, which more than overcome any sales tax disadvantage. And by the way do some research....notice that while the CPS still has some horribly underperforming schools, it is notuniversal. In fact there are many school where scores and parental involvement are improving dramatically. You really need to realize that the world does not operate in simple binary logic...either good or bad....and quit slurping up the so dated stereotype that the City is all doom, gloom and evil

[Chuck Frickin Norris]

Chuck Norris affects the price of stock quotes and land values. Wherever he is, prices drop due to the danger of a sudden catastrophe. He bought his own home for 30 cents and one roundhouse kick.

[A Laz]

wow wrote:

<quoted text>
You would think that.
But, The crooks in local government know that too.
Why do you think they raised the sales tax?
It's the only tax you can raise that will bring in guranteed revenue no matter what condition the economy is in.
I'm sure there are 2-3 other forms of taxation the Crroks will pass within the next 2 years to offset the lack of revenue they won't receive from property taxes.

I live in Lake County and while the value of my home went down, amazingly the value of the land went up so it was a wash, no tax decrease. They will always find a way to steal your money.

[Deadwood]

This is the first time in 2 years the Trib did not quote a R.E. person saying "Now is the best time to buy".

[Unconcerned Citizen]

aba wrote:

<quoted text>
I think you are in need of a reality check. People are certainly not going to be fleeing out to auto-dependent outer areas in light of 4 or 5 or 6$ gas. Have fun driving. Enjoy your high property taxes, which more than overcome any sales tax disadvantage. And by the way do some research....notice that while the CPS still has some horribly underperforming schools, it is notuniversal. In fact there are many school where scores and parental involvement are improving dramatically. You really need to realize that the world does not operate in simple binary logic...either good or bad....and quit slurping up the so dated stereotype that the City is all doom, gloom and evil

Yeah. Let's talk about "reality checks". Have you ever seen the health benefits provided to Cook County employees? Okay well, their premiums for the Blue Cross Blue Shield of IL PPO plan are 1.5% of their gross salary. In the private sector, it's much higher than that, usually about 10% or HIGHER. Additionally, they are afforded a unlimited lifetime maximum, where most companies/policies have a $1 million to $ 5 million lifetime maximum. Certain plans have no deductible to be met!

And who picks up the tab for this? Taxpayers! I don't have any qualms about health care benefits per se, but Cook County needs to get more in line with the private sector!

And salaries...oh, yeah. How about all of those BS patronage jobs with the rampant abuse occuring within that particular sham! We've got a Cook County president who is inept, a mayor who throws temper tantums like a three old, and scores of other politicians who are been indicted and convicted on all kinds of corruption charges.

There is so much bloat in this county. And I can tell you this, I will not purchase big ticket items in the Cook County.

Reality? The reality is that this county is beyond screwed up. The only way to change it is to get rid of the idiots in charge.

[Telmark]

Don't worry, your Senator is going to save you (and the world)......

[Tony Rezko]

Anyone looking for a deal on land/homes? I offer my services to you.

[Junior Senator from IL]

Hey, sorry I've abandoned my duties to the people of IL. I've been taking some trips. But don't worry. I've sent some postcards. Once I get experience in the Senate, I'm sure I'll be able to figure out how to save IL. You people should've saved it in the first place, but I'll clean up the mess. Miss you tons.

[R Perez]

The median home sale price for the Chicagoland area was $256,000 in June 2008, off 3.3 percent from $264,700 in June 2007.
In Cook County, median prices were off a slight 0.9 percent in June at $274,500 compared to $277,000 in June 2007."
Sounds like the burbs in the other 8 counties are hurting more than the city is. Who would have thought? So even with the sales tax increase, people wont be rushing to buy homes in the burbs. Any money theyd save from the lower sales tax will be more than offset by the need to drive so much farther, and the higher property taxes.

[KINGPIN]

Maybe its a good time to jack up the Tax Rates again to cover the losses.

[Anonymous Coward]

Jimmy Jones wrote:

<quoted text>
NO ... the democraps pocket the difference and spend it on hoors, coke and booze.

Oh OK. However I think you got the order wrong. Should be booze, coke and then hoors. Everybody knows Dems are limp specifically the hoors.

[Stay Classy]

Jimmy Jones wrote:

<quoted text>
NO ... the democraps pocket the difference and spend it on hoors, coke and booze.

What are "hoors?"

Illiterate jacka$$.

[james]

Chicago is not all gloom and bad news. Taxpayers may be getting hammered, real estate values may be dropping, and the public schools....need I say more. The exception to this gloom and doom scenario is honest City and State government where nepotism and favors are no no's