This ARTICLE On The Nine Illinois Communities Among Top Worst Housing Market Was PUBLISHED On September 16th, 2019
While the housing market is booming nationwide, Nine Illinois Communities Among Top Worst Housing Market in the U.S.
- Many cities nationwide are seeing double-digit housing appreciation year after year
- Illinois homeowners are not enjoying a housing recovery
- There are Nine Illinois Communities Among Top Worst Housing Market in the U.S.
- The whole state of Illinois is suffering from one of the highest housing recoveries in the United States
- With declining real estate values, property taxes in most counties are going up. Breaking News last week was DuPage County home prices dropped 24% while property taxes increase 7%
In this article, we will cover and discuss the Nine Illinois Communities Among Top Worst Housing Market.
Why Home Values In Illinois Not Appreciating?
There are so many beautiful cities and communities in Illinois.
- Chicago is the nation’s second-largest cities
- Downtown Chicago is one of the most beautiful places in the world
- Illinois is the home of top universities like Northwestern University, University of Chicago, and the University of Illinois
- Many taxpayers and homeowners would like to consider Illinois their final permanent home
- However, more and more taxpayers are leaving Illinois to lower-taxed states
Massimo Ressa, the CEO of Gustan Cho Associates Mortgage Group and lifelong resident of Chicago said the following:
Since 2005, Illinois property values are up 6%, far below the national rate of more than 30 percent, according to data from the U.S. Census Bureau. In contrast, states like Tennessee, Kentucky, Mississippi, Alabama, North Carolina, Ohio, Colorado, and Texas have seen their values rise 45 to 60 percent. That stagnation has done serious harm to Illinoisans’ nest eggs, considering most people have a large share of their retirement savings locked up in their homes.
See the 50-state chart in the appendix at the end of this article.
Data Released Proves Devastating News About Illinois Housing Market
According to Consumer finance company GOBankingRates, Nine Illinois Communities Among Top Worst Housing Market. The report that was titled 50 Housing Markets That Are Turning Ugly, ranked 50 communities across the United States with the most likelihood of a housing market collapse
Nine Illinois Communities Among Top Worst Housing Market made this list.
The above communities are in a major risk of a housing downturn.
Topping Illinois in the cities with the highest risk of a housing downturn, Florida had more cities than Illinois. Illinois ranked first in having the most cities with the greatest chance of a housing crash. Florida followed in second place with having the number of cities. The data was derived by analyzing the communities’ foreclosure numbers, number of homeowners with underwater mortgages, housing values in the past 24 months.
Cities In Crisis Situations
The city of Peoria in Illinois was ranked as the community with the most risk. According to Michael Gracz, the National Sales Manager at Gustan Cho Associates and Illinois Housing Expert, he said the following:
The city’s housing market ranked the worst out of the 500 cities evaluated across the nation. The city has a sky-high foreclosure rate of 1 in every 932 homes, 21 percent of its homes are underwater – double the national average – and home prices have declined 16 percent over the past 2 years. Illinois’ Aurora, Elgin, Decatur, and Joliet were also in the top 20 “turning ugly” cities.
We will go over charts and graph explaining the Nine Illinois Communities Among Top Worst Housing Market.
Statistics And Data Of The Worst 9 Cities In Illinois On Verge Of Bankruptcy
Statistics And Data Of The Nine Illinois Communities Among Top Worst Housing Market:
Naperville, Illinois is one of the wealthiest suburbs in the Chicago Suburbs. Gustan Cho Associates Mortgage News was surprised that Naperville made the list. The city ranked 46th out of the 50 municipalities.
What Experts Say About Data Released On The Nine Illinois Communities Among Top Worst Housing Market
Massimo Ressa, the CEO of Gustan Cho Associates and a long-time Naperville, Illinois resident, said the following:
The city has a reputation for being one of the most well-off places in Illinois, yet more than a quarter of all listed homes have cut their prices and the average price of property has fallen by 2.2 percent in the last two years.
Besides stagnant home appreciation in Illinois, the state is increasing property taxes.
High Property Taxes Among The Problem In Illinois
Dale Elenteny, a senior loan officer and Illinois housing expert at Gustan Cho Associates said the following:
Illinois’ anemic housing market has already done serious damage to Illinoisans’ net worth. Data analyzed show Illinois has lost out on more than a quarter trillion in home value appreciation. This is a result of growing far slower than the national average. The state’s home price stagnation is a symptom of some of the state’s biggest problems: record migration to other lower-taxed states, the nation’s highest property taxes, overwhelming state government debts, and shrinking income by Illinoisans and their retirement nest eggs are being punished by the state’s failed policies.
It seems like Illinois is deteriorating at a fast speed while other states like Tennessee, Texas, Kentucky, Mississippi, Alabama, Georgia is thriving. Until you have competent politicians run the state like a business, Illinois woes will not get any better. In the meantime, countless of Illinois taxpayers and homeowners are fleeing the state to other lower-taxed states in droves.
Chart Of The Communities Deemed As Risky Cities
How The Data Was Analyzed To Determine The Nine Illinois Communities Among Top Worst Housing Market
The data was gathered by reviewing and studying data of the 500 largest communities in the U.S. Factors that were determined are the following:
- Number of homeowners with negative equity positions
- The number of mortgage delinquencies and foreclosure rates
- How fast homes sold once listed or market time
- Number of listed homes on Zillow with a price drop during every month
- Comparing median home price changes year after year in terms of dollars
Taxpayers And Homeowners Fleeing Illinois To Other Lower-Taxed States
Illinois tops other states in taxpayers fleeing the state to other low-taxed states. Illinois taxpayers recently elected a new governor, JB Pritzker. Unfortunately, JB Pritzker turned out to be incompetent and the only solution he has in turning Illinois around is raising taxes. Pritzker is not only raising taxes, but he also signed a bill giving lawmakers in Illinois a raise. Voter remorse is very common among voters in Illinois. Many wonder whether Illinois can last until the next election to oust JB Pritzker out of office before the state goes bankruptcy. Illinois recently doubled its gas tax. Pritzker does not seem to realize that is is not how much you make but how much you spend. Raising taxes is not the solution to solving a state that is on the verge of bankruptcy.