As unfunded liabilities and debts mount, pressure to cut services and raise property taxes will continue and increasingly deter potential buyers from cash-strapped areas. (Indeed finding an area that is not cash-strapped today is no small feat!)
Not good for current owners who will need or want to sell real estate, especially given the glut of expensive homes in most areas. See: This suburb has too many $1 million-plus homes for sale. Chicago is certainly not alone in this plight. Also see: Toronto home-buyers beware and Someone is spending your pension money for a bit of necessary scope and scale on funding deficits today. Bankers have extracted savings and left iou’s in empty tills all over the world. It’s everywhere. And still we are allowing them to run the show… so far. We have to change this system!
This Fox clip is certainly on point re Illinois, but laughable in its assertion that Democrats have been worse financial managers than Republicans in this mess. Unfortunately financial mangle-ment the past couple of decades has been pretty much ubiquitous, transcending party and territory lines…
Illinois Policy Institute Vice President Diana Rickert and United Advisors Chief Market Strategist Scott Martin on the budget crisis in Illinois. Here is a direct video link.