They Would Eat Their Young

Chicago politicains are just simply unbelieveable. Just when the RE market is heading into it's toughest the spring selling season, they pull this stunt.

Chicago OKs real estate tax hike

February 6, 2008

BY FRAN SPIELMAN City Hall Reporter

Chicago aldermen held their noses today and held up their end of the deal that staved off massive CTA fare hikes and service cuts. But not before giving senior citizen homebuyers a reprieve.

Beginning April 1, Chicago homebuyers will be hit with a 40 percent increase in the city’s real estate transfer tax. Instead of paying $7.50 per $1,000 of sale price, they’ll pay $10.50.

I will predict a spike in closing before April. However, the damage this will do to prices and comps will yet to be seen. Stay tuned!