Mike Evans: It’s always about the economy
If an economy is growing but not creating enough jobs, is the economy really growing? That might very well be a philosophical question one of many recent college graduates has time to ponder as they stroll the Riverwalk on a weekday afternoon, with their resume in hand on their way to yet another job interview.
A few weeks ago, the Naperville Area Chamber of Commerce published an update on local economic indicators in a note to our membership and received interesting feedback on the piece. The aggregate totals of locally assessed taxes such as the sales tax and real estate transfer tax have grown faster than inflation, which normally would indicate a robust and vibrant economy.
However, these gains have been outweighed by the stubbornly high unemployment rate and other indicators that demonstrate the economy’s uneven strength and recovery. While growth in the economy and belt tightening have helped balance our local governments’ budgets, we cannot lose sight of the 5,800 Naperville residents who are looking for work and cannot find a job.
Our local unemployment rate remains roughly double what it was before the recession, and we’re supposedly several years into “recovery.” But the chamber also recognizes that our local fortunes are tied to the decisions made in capitals domestically and internationally, and broader trends within the global economy. KEEP READING
A few weeks ago, the Naperville Area Chamber of Commerce published an update on local economic indicators in a note to our membership and received interesting feedback on the piece. The aggregate totals of locally assessed taxes such as the sales tax and real estate transfer tax have grown faster than inflation, which normally would indicate a robust and vibrant economy.
However, these gains have been outweighed by the stubbornly high unemployment rate and other indicators that demonstrate the economy’s uneven strength and recovery. While growth in the economy and belt tightening have helped balance our local governments’ budgets, we cannot lose sight of the 5,800 Naperville residents who are looking for work and cannot find a job.
Our local unemployment rate remains roughly double what it was before the recession, and we’re supposedly several years into “recovery.” But the chamber also recognizes that our local fortunes are tied to the decisions made in capitals domestically and internationally, and broader trends within the global economy. KEEP READING
Did You Miss Your Chance To Make A Real Estate Killing by Joe Light / WSJ
Aug. 9, 2013, Only a year and a half ago, none other than Warren Buffett told CNBC he would invest in "a couple hundred thousand" single-family homes if it were practical. But in that short period, the national housing market has gone from the cheapest it has been in a quarter-century to slightly overpriced—at least according to some measures. Relatively cheap mortgages still make it a great time to buy a home to live in, but anyone hoping to treat it as an "investment" should be wary. In early 2012, homes did indeed look inexpensive. To measure home values, some researchers divide home prices by rents. The resulting price/rent ratio is similar to the price/earnings ratio commonly used to evaluate stocks. KEEP READING
Real Estate benefits could be cut as a part of Tax Reform measures By Kenneth R. Harney/LA Times
WASHINGTON — Since Congress has taken off on its annual summer recess, you might assume that nothing is happening on Capitol Hill that could affect the taxes you pay on your home. Quite the reverse.
Staff members of the House and Senate tax-writing committees are busy putting together legislative drafts that may determine the fate of real estate's most prized tax benefits — first and second home-mortgage interest deductions, property tax write-offs, capital gains exclusions and others.
Both committees' chairmen have promised major tax reform proposals this fall. They've been evaluating deductions, credits and loopholes in terms of revenue costs and economic benefits, including the $70-billion-plus yearly expense of the mortgage interest write-off. The process that's underway represents the most serious effort to simplify and reorganize federal tax law since the Tax Reform Act of 1986. Keep Reading
Staff members of the House and Senate tax-writing committees are busy putting together legislative drafts that may determine the fate of real estate's most prized tax benefits — first and second home-mortgage interest deductions, property tax write-offs, capital gains exclusions and others.
Both committees' chairmen have promised major tax reform proposals this fall. They've been evaluating deductions, credits and loopholes in terms of revenue costs and economic benefits, including the $70-billion-plus yearly expense of the mortgage interest write-off. The process that's underway represents the most serious effort to simplify and reorganize federal tax law since the Tax Reform Act of 1986. Keep Reading
Baby Boomers Enter Real-Estate Market To Downsize
Aug 9th 2013 ..As the Colorado housing market rebounds, baby boomers are becoming a key player. Housing prices are up, and interest rates are low which makes this the perfect time for many baby boomers to sell those big houses they raised their families in and downsize into much smaller homes. And in Denver, one new trend among baby boomers is moving downtown.
Cindy and her husband, Cisco Uribe are among those empty-nesters who are giving up life in the suburbs for a new lifestyle downtown.“We went from a big kitchen to a little galley kitchen,” Cisco says as he shows CBS4 around the couple’s new condo in Brooks Tower in downtown Denver. KEEP READING Written for CBSDenver.com by CBS4 Special Projects Producer Libby Smith
Cindy and her husband, Cisco Uribe are among those empty-nesters who are giving up life in the suburbs for a new lifestyle downtown.“We went from a big kitchen to a little galley kitchen,” Cisco says as he shows CBS4 around the couple’s new condo in Brooks Tower in downtown Denver. KEEP READING Written for CBSDenver.com by CBS4 Special Projects Producer Libby Smith
BEST PLACES TO LIVE 2013 by CNNMONEY AUG 12th 2013
The economy remains Americans' No. 1 concern. So as CNNMoney set out in search of this year's best places to live, our data crunching and reporting paid close attention to how well towns were doing economically. Using data from Onboard Informatics and other sources, we looked at everything from unemployment rates to job growth to housing appreciation, affordability, and more. A place, of course, is more than the sum of its numbers, so CNNMoney visited three dozen top scorers. That led us to 10 small towns (we alternate the Best Places list yearly between bigger and smaller locales) that are not only thriving, they've also got all you could want in a place to raise a family: plenty of green space, good schools, a strong sense of community. No question that you'll pay up to live in some of them, but you get a lot too. KEEP READING
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