Illinois Mortgage Delinquency Rate Highest In The Nation
BREAKING NEWS: Illinois Mortgage Delinquency Rate Highest In The Nation
Illinois Mortgage Delinquency Rate Highest In The Nation:
- The mortgage delinquency rate in Illinois has been recorded as the highest in the nation despite the booming housing market and the lowest mortgage rate in history in the nation
- Illinois is the highest taxed state in the nation
- Illinois is also under a major budget crisis
- Most states were thriving prior to the coronavirus pandemic outbreak
- However, under the leadership of rookie freshman governor J.B. Pritzker, Illinois was struggling financially prior to the COVID-19 outbreak when other states were thriving
- Other Democrat states like California was also thriving but not Illinois
- Illinoisans were disappointed after heavy-set rookie freshman governor J.B. Pritzker got elected into office
- Voters had higher expectations about Pritzker
- The heavy-set obese Pritzker is a billionaire heir to the Hyatt Hotel Family and was a political newcomer
- Illinoisans thought Pritzker was a savvy billionaire businessman like Donald Trump and was the person who can take Illinois to the next level
- Unfortunately, J.B. Pritzker turned out to be a flop
- J.B. Pritzker turned out that the only solution he has in solving the state’s financial crisis is to keep on raising taxes and creating new taxes
- Pritzker has proven himself to be clueless and lost when running state government
To start off, it took J.B. Pritzker and his wife M.K. Pritzker only four months into his term as governor to get under federal criminal investigation for tax fraud.
History Of Public Corruption Destroying Illinois
Illinois is the most corrupt state in the United States.
- Six Illinois governors have been charged with crimes
- Four of the six governors charged were indicted and convicted of felonies and have term prison terms at federal prisons
- Long time Chicago Alderman Edward Burke has resigned as Chicago’s most senior alderman after serving in the City Council for over 30 years due to being indicted by the Feds for corruption
- Hundreds of Illinois politicians, judges, and public officials have been indicted, arrested, and convicted for public corruption and other crimes
- Illinois Speaker of the House Michael J. Madigan is under FBI scrutiny for his involvement with the recent indictment of Commonwealth Edison
- J.B. Pritzker got under FBI investigation just four months after being elected governor of Illinois
J.B. Pritzker’s criminal investigation is still ongoing as of today. Both J.B. and M.K. Pritzker are under federal criminal investigation for tax fraud.
J.B. Pritzker Under Federal Criminal Investigation For Tax Fraud
Newly elected rookie governor J.B. Pritzker has set a record in getting under federal criminal investigation.
It only took the obese heavy-set J.B. Pritzker four months into his first term in office to be under federal criminal investigation for tax fraud:
- J.B. and M.K. Pritzker told their plumbers to remove the toilets from the mansion they owned next to their primary residence on Chicago’s Gold Coast
- The reason J.B. and M.K. Pritzker instructed the plumber to remove the toilets is so they can appeal their property taxes to the Cook County Assessor’s Office
- Removing the toilets would make the property uninhabitable
- Therefore, doing so the assessed value of Pritzker’s mansion went from the currently assessed $6 million to $1 million
- The huge drop in the assessment saved J.B. and M.K. Pritzker $331,000
- When Pritzker got caught of this property tax fraud scheme, he immediately paid a $331,000 personal check to the Cook County Assessor’s Office to cover his tracks
- However, FBI Agents and federal criminal investigators from the U.S. Attorneys Office, agents from the U.S. Postal Inspectors Office, and federal IRS Agents all launched a federal criminal investigation into Pritzker’s potential crime and wrongdoings
- Sources close to the federal investigation against Pritzker said Pritzker promptly paid the $331,000 check to the Cook County Assessors Office to avoid any potential criminal charges and thought he was in the clear
- Pritzker even had a press conference that he was not under any criminal investigation
- Pritzker said anyone alleging he was under federal criminal investigation were his political enemies and were wrong
- Pritzker denies any allegations of criminal wrongdoings
- Pritzker said that those accusing him of wrongdoings are the ones that are slandering him like calling him the fattest governor in the nation and a other names such as referring him to an overweight, oversized fat incompetent potbelly pig that runs the state of Illinois
- However, 18 months later after the incident, the case still is under federal investigation
In this article, we will discuss and cover the Illinois Mortgage Delinquency Rate Highest In The Nation.
Illinois Mortgage Delinquency Rate Highest In The Nation Due To Incompetent Governor And Lawmakers
The U.S. housing market is booming with the exception of Illinois.
- Homeowners in Illinois are struggling with increasing property taxes and stagnant property values
- The economy was booming prior to the coronavirus pandemic
- However, Illinois was in a financial crisis prior to the COVID-19 pandemic
- Governor J.B. Pritzker and Democrat lawmakers have been increasing taxes to solve the state’s financial crisis
- However, Pritzker and state lawmakers do not seem to realize that you cannot spend more than you take in
- While increasing existing and creating new taxes, Pritzker is still spending like a drunken sailor
- He gave Illinois lawmakers a hefty annual pay raise
- Under Speaker Mike Madigan’s recommendation, Pritzker approved a $220 million pay raise for high-level state workers this year
- Pritzker knows the state’s pension system is broken and being run like a Ponzi Scheme
- To solve the state’s financial crisis, the state needs pension reform
- The pension system is going to crash
- It is not IF the pension system will crash but when it will crash
- However, Pritzker will not entertain pension reform
- He keeps on increasing taxes
- His latest tax increase proposal is to change Illinois’ flat-tax protection to a progressive tax system
- Voters need to vote this change this November 3rd for Pritzker’s progressive tax to become effective
- J.B. Pritzker calls the progressive tax the FAIR TAX
- The FAIR TAX will increase the state’s income tax for higher and middle class wage earners
- However, Pritzker is running a $56 million dollar FAIR TAX campaign that claims the FAIR TAX will lower taxes on the middle and lower class and just penalize the upper 2% of the highest Illinoisans
- This is not true. Pritzker’s FAIR TAX will raise taxes on the middle class as well
- Illinois was the first state to close and remains the latest state to reopen from the coronavirus pandemic
- Millions of business owners are affected by the governor’s extended executive shut down order
- Many businesses have closed their doors permanently while others have gone bankruptcy
- J.B. Pritzker is politicizing the coronavirus pandemic to his political benefit
- Pritzker was always a politician wannabee all of his adult life
- However, he was never successful in getting elected to public office until just recently when he got elected governor
Pritzker is eyeing to become President of the United States and is now using the Illinois Governor’s Office as a political stepping stone to be on the 2024 Democrat Presidential ticket.
Deteriorating Economy Due To Incompetent Politicians Affecting Homeowners
It is no rocket science that an organization and/or institution collapses if it is being led by an incompetent leader.
- This holds true with state government
- Why is it that most Republican-led states are thriving and raking in millions in revenues and Illinois is deteriorating and running on a deficit year after year
- Never in the history of Illinois has the state accelerated its decline as fast as it is now under the leadership of the 5’5″ 500 pound governor J.B. Pritzker
- Pritzker’s solution to solving the financial crisis in Illinois is to keep on raising taxes
- He does not realize that it is not how much you make but rather how much you spend
- You need to live within your means
- This is not what Pritzker is doing
- He recently gave pay raises to all lawmakers
- He gave $220 million worth of raises to high-level state employees
- Pritzker has raised taxes in over 20 items and doubled the state’s gas tax
- He is now lobbying his progressive tax plan which he calls it the FAIR TAX
- High taxes forces taxpayers and small business owners to flee the state
- The FLAT TAX will increase taxes to 47% of small business owners
- Over 100,000 small business owners will be affect by Pritzker’s FAIR TAX
- The recent riots in the state devastated thousands of small business owners
- Many small business owner’s insurance will not cover the damage from the riots
- President Donald Trump offered help by sending in thousands of troops from the military but J.B. Pritzker refused
- There is a major out-migration of taxpayers and small business owners
- However, Pritzker does not seem too much concerned
- Illinois tops as one of the states with the highest unemployment numbers
- Illinois tops the nation as the highest taxed state
- The state has a major budget shortfall
- This is hurting homeowners where a large percentage of them cannot afford their monthly mortgage payments
Property taxes keep on going up with no cap and/or stabilization in sight. Increasing property taxes means higher monthly housing payments. Illinois leads the nation on mortgage delinquencies and foreclosure rates.
Reason Why Illinois Mortgage Delinquency Rate Highest In The Nation
Illinois led having the weakest housing market in the nation prior to the coronavirus pandemic.
- Housing numbers affect the state of the overall economy
- Due to the weak housing market, Illinois’ overall economy was weak
- Then came the coronavirus outbreak in February 2020 which devastated the already weak Illinois economy
- Politicians kept on increasing not just taxes across the board but property taxes as well
- Illinois has the highest property tax rate in the nation
- High property taxes mean higher monthly housing payments
- Many families struggled paying their monthly mortgage payments
- Illinois mortgage delinquencies have skyrocketed due to the poor economy and sky rocketing increase in property taxes
- Chicago Mayor Lori Lightfoot announced another property tax hike is in the works due to the huge budget deficit and loss of tax revenue due to COVID-19 outbreak, riots, and taxpayers fleeing the city
Christy Hembree of Gustan Cho Associates said the following:
Delinquent mortgages nearly doubled to 124,000 amid COVID-19’s soaring unemployment, and inaction by state and local governments. The number of Illinois delinquent mortgages increased by 79% in the second quarter of 2020 compared to Q2 2019. The increase suggests 54,940 more Illinois homeowners fell behind on their mortgage payments, bringing the total number of delinquent mortgages to approximately 124,279.
Study the graph below on Illinois’ mortgage delinquencies:
Illinois Mortgage Delinquency Rate Highest In The Nation Due To Pritzker’s Extended Executive Stay At Home Order
Mortgage delinquencies has skyrocketed statewide.
- J.B. Pritzker was one of the first governors to exercise his executive stay at home order due to the coronavirus outbreak in March
- Illinois remains the last state to reopen
- Pritzker claims that the health and safety of Illinoisans is the most important. Pritzker is basing extending his stay at home order based on science and data
- However, many call the obese oversized 5’5″ 500 pound governor a hypocrite
- This is because Pritzker was seen cross state lines to his vacation homes in Wisconsin and Florida without wearing a mask and without social distancing
- In the meantime, thousands of small business owners remain either closed and/or operating at limited capacity with laid off workers
- Small businesses account for two-thirds of Illinois’ workforce
- More and more businesses are closing for good daily due to Pritzker’s stay at home order
- In the meantime, families are struggling with making their mortgage payments
- Many are now facing foreclosure
Tammy Trainor of Gustan Cho Associates said the following:
While delinquencies have risen virtually everywhere during the COVID-19 pandemic and associated state-mandated lockdowns, delinquencies in Illinois surged to the highest rate in the Midwest.
The COVID-19 outbreak hit the housing market in Illinois harder than most states.
- Illinois led with having the most homes with underwater mortgages prior to the coronavirus pandemic
- Due to having the highest property tax rate in the nation, Illinois led the nation as having the lowest home appreciation
- Due to having the highest tax in the nation, Illinois led the nation as having the highest number of out-migration
- What this mean is that there are more taxpayers moving out of the state than moving in
- Population decline mean less demand for homes
- Less demand for homes mean lower housing prices
- Many Illinoisans prefer renting versus buying due to the state of the Illinois economy
- Due to Pritzker’s extended stay at home order, Illinois leads the nation as having the highest unemployment rate
- Many small business owners are closing their businesses for good because Pritzker has not fully reopened the state yet
- Two thirds of the workforce consists of workers that work at small businesses
- Many critics blame and criticize J.B. Pritzker for destroying Illinois due to his power trip and incompetence
Mike Richardson, a partner at Capital Lending Network based in Redding, California, said the following:
Aggregate unemployment and aggregate mortgage delinquency tend to move in the same direction, as seen in the chart below. Meanwhile, aggregate income – which increases when more people are employed – and aggregate mortgage delinquency move in the opposite direction, meaning delinquency rates can be expected to increase as incomes fall.
Unemployment Rate Versus Mortgage Delinquencies
Illinois leads the country with having the highest unemployment rates.
- This is mainly due to the governor not reopening the state fully
- Illinois was one of the first states to shutdown and one of the last states to reopen
- The state is not fully reopened
- There are still many businesses that remain closed and/or are operating at a limited capacity
- Two thirds of the workforce in Illinois comprise of workers who work at small businesses
- This is the main reason why Illinois leads the country with having the highest unemployment rate
- High unemployment rate mean high mortgage delinquencies and high foreclosure rate
The bottom line is Pritzker is ruining lives of many Illinoisans and ruining the economy.
See the chart below on the comparison of unemployment rates versus mortgage delinquencies:
Piotr Bieda of Gustan Cho Associates is also a licensed real estate agent in Illinois. Piotr Bieda said the following:
Growth in home equity is negatively associated with mortgage delinquency. If the value of your home goes up, then you are probably not going to experience delinquency. On the other hand, if you become unemployed and are already “upside down” on your loan – owing more on your mortgage than your home is currently worth – then you are more likely to enter delinquency. Because of a failure by the state to support local governments in providing adequate fiscal support to struggling homeowners, the mortgage delinquency rate has nearly doubled to 8.36%, only outpaced by the rate during the Great Recession. Illinois’ mortgage delinquency rate peaked at 11% during the Great Recession, the worst housing crisis in decades. Property tax relief could have let some struggling families better manage their mortgages as they worked to stave off delinquency, but that required action from state lawmakers. There was none. While some Illinois counties offered property tax delays, most of them did not.
State government could have acted sooner to provide property tax relief
Solution To Saving Illinois
Raising taxes to solve the financial gap can do more damage than good.
- Increasing taxes is not the solution to fix the budget crisis in Illinois
- Raising taxes will backfire on you
- There are countless states with low taxes that is attracting taxpayers from other high taxed states like Illinois
- Lower taxed states are thriving and raking in millions in revenues
- Illinois, on the other hand, is raising taxes to try to get ahead but raising taxes is backfiring on them
- Illinoisans are moving out
- What good is it if you keep increasing taxes but your taxpayers are fleeing the state like never before in history
Michelle McCue of Gustan Cho Associates said the following:
Other than the cost of their loans, property taxes are often Illinois homeowners’ largest annual housing expense. Recent homeowners likely make the equivalent of nearly seven additional mortgage payments each year because of property taxes.
Study the graph below on property tax rates versus foreclosure rates:
Many homeowners on fixed income are struggling paying their monthly housing payments. There seems to be no end in sight on rising property taxes. The state needs competent politicians. Pritzker and other incompetent politicians are a major danger to society. They are absolutely clueless on running state government. You need to cut the fat. Permanently lay off government workers who are not effective. Eliminate patronage hiring and promotions. Privatize government departments. What we mean about privatizing is eliminate the government agencies that can be contracted to private vendors. Act on pension reform. There is no way the state can afford the current pension system where retired government workers get 50% to 75% of their last year of work salary as a guaranteed pension for the rest of their lives after working 40 years. Have government workers have a pension system like those in the private section such as the 401k pension plans. Do not spend more than what you take in. Have maximum term limits. Most politicians who got arrested and convicted for corruption are those who have been in office for decades. Corruption is costing taxpayers over $550 million a year.