Chicago Region's demographics point to starter homes

Great article regarding an advisor to real estate developers. 

"We have been suggesting smaller, different products, much lower prices and telling them to expect half as many sales per month as we were seeing before.

"Communities where homes were selling in the high $300,000s at a rate of four to five units per month are now getting $250,000 to $280,000 per home and, if their sales are good, they are selling two units per month."

"Land that they paid $50,000 to $60,000 an acre for has dropped in value to $20,000 to $30,000 per acre and that has really hurt

The private equity firms are looking to invest in land and want advice. The banks are now controlling lots of land that they have foreclosed on and they need to understand what to do with it."

Click on the following for more of the details:  Daily Herald | Region's demographics point to starter homes

Voters get to decide on recall of governors

Should this be called the “Quinn Law” or the “Blagojevich Law”?

Illinois Senate voted overwhelmingly Thursday to place a constitutional amendment on the ballot next year.

If voters approve the amendment, it would create a complicated process for recalling governors.

Click on the following for more details:  Daily Herald | Voters get to decide on recall of governors

Illinois facing more bad budget news

Vaught [state budget director] said he now expects income tax revenue to be $850 million lower than projected, largely because unemployment has continued to climb.
In addition, gambling revenue is now expected to be off $50 million because a Joliet casino was closed for several months after a fire.

Click on the following for more details:  Illinois facing more bad budget news - STLtoday.com

McHenry County to reconsider gambling ban

The news from The Capital Fax is very disconcerting.

Although its Liquor and License Committee appeared content with putting the question to voters in February, a ban is back on the table out of fears that the General Assembly soon could limit or end local governments’ ability to opt out of it.

Tuesday article from The Capitol Fax, an influential state political blog, that stated that the General Assembly might put an end to the opt-out clause during the fall veto session that started this week.

Click on the following for more details:  Northwest Herald | County to reconsider gambling ban