Armstrong Economics Blog/Real Estate
Re-Posted Feb 9, 2018 by Martin Armstrong
Property values in Illinois are collapsing thanks to the State being over the edge with its fiscal mismanagement. The state employee pensions are bankrupting the state and are now destroying the value of property in the States as a whole. We previously warned back in 2015: “This is why it appears that real estate will peak with this turn on 2015.75. Some areas will be hit very hard; Illinois will be a disaster for their Constitution states that government pensions cannot be reduced. This means they will raise taxes dramatically, destroy their economy, until eventually entering bankruptcy. The next four years will be devastating with tax increases in many areas.”
Now as property taxes keep rising, property values are collapsing. The state is experiencing NET MIGRATION outward and this is a major problem. Those who own hoses in Illinois better get out of the state before you find you can never sell your property. Just follow the signs – it’s not that hard. They haven’t yet put up road-blocks to prevent people from leaving. But expect an exit tax to shake you down if you leave soon.