For those who follow me, and for those who read my first report “Home Equity and Wealth Stolen From American Families – Report 1” my next report on illegal Chicago renovations is still coming.
While I intended to release an updated report earlier this week, I determined that a lot of information needed to be redacted, to not reveal more than what the market is capable of handling at this time. I am fully confident that the interconnected industries and stakeholders are aware of the challenges, however, I am not confident that everyone is ready to fully embrace what needs to happen for a workable and effective solution to be implemented. To that end, while critical changes are happening to key critical Chicago linchpins of the system that manages and influences renovations; that is, changes in the National Real Estate industry around agent compensation, and the recent shake-up in the City of Chicago Building Department (Commissioner Beaudet removed effective 2.16.2024), much of what needs to happen as it relates to illegal renovations in Chicago, and its affect on Homeowner equity and wealth, may take several years or more to be realized.
Here are some reasons why…
A starkly polarized Chicago, a microcosm of the entire nation, faces a local migrant crisis that is fueled by a decades-long ideological struggle at the Federal level, which consumes human and financial resources that will have an impact for generations to come.
A U.S. economy, still recovering from the effects of COVID, fights to claw its way to a 2% rate of inflation for market stability.
An upcoming 2024 United States Presidential election that pits former President Trump, currently being indicted on 4 different criminal charges, against current President Biden, who at the age of 81, has been characterized by a U.S. Department of Justice Special Counsel Report as a “well-meaning, elderly man with a poor memory.”
In short, it may be too much occurring in Chicago and the United States overall, for anyone to seriously consider investing in a Program that doesn’t provide a rapid tangible return on investment. We will see...
Nevertheless, the research and analyses I have done for my work on unlawful Chicago renovations have allowed me to evaluate and study economic data that shapes the direction of the US and global economies. I have ALWAYS been intrigued and found significant interest in understanding why and how the economy ebbs and flows, and my recent work has given me insight into economic and political indicators that I will carry with me, and leverage, forever.
As I continue to prepare and finalize the upcoming report about unlawful renovations in Chicago, I would like to share one of the numerous graphs I plotted during my research. The data in this graph comes from the Federal Reserve Bank of St.Louis (FRED) and highlights US Median Single-Family home sales prices compared to US Real Median Household Incomes between 1990 and 2023 (NOTE: Real Median Income is adjusted for inflation).
Without going into extra detail and adding a lot of commentary, consider the following...The data suggests that a market correction, similar to the Great Recession of 2008, may be on the horizon. If you recall what happened in 2008, then something significant may jump out at you while looking at the graph.
Let me know what you think!
