Friday, April 15, 2011

Boom Goes the Housing Market

Lake County realtors are reporting record new listing contracts, as desperate home sellers are busting down their doors to get in on the ground floor of an anticipated housing market boom. Does this mean the greatest real estate market bust since the Great Depression is at long last over? Not exactly.

The Lake County Board projects a massive influx of 90,000 people to flood the county between now and 2020. How massive is 90,000 people? To put that in perspective, since 2000 Lake County experienced a massive influx of only 60,000 people -- during what was the county's greatest housing boom since the post-WWII boom of the 50s.

What is the basis for the Lake County Board's incredible, some would say fraudulent, projection? As readers of this blog are anxiously aware ...
Honey I Shrunk the County Board
the Lake County Board is in the process of reducing its number to 18, based on a projected increase in county population to 800,000. The Daily Herald explained the rationale behind the startling facts & figures ...
Vernon Hills Republican Aaron Lawlor, the vice chairman of the committee, recommended eliminating two county board districts Monday. By law, the county board can have no more than 18 members once a census shows the local population exceeds 800,000, and that could happen in 2020.
Lake Co. Board could shrink this year
Lake County's population currently stands at 710,000. An influx of 90,000 new residents by 2020 would be needed to fill the deficit.

When exactly these 90,000 people are arriving is unclear. Which is little comfort to Lake County home sellers, some of whom have watched their homes languish on the market, unsold, for nearly 3 years.

As a service to readers, your LakeCountyEye has put the question to the experts: the Internet bettors. An Intrade account has been created where professional bettors can place bets on when the county's highly anticipated influx of 90,000 people will peak.

As betting pools go, this one is no different than a standard office pool. There are still some slots open to operatives who think they are smarter than the pros -- and who know when Lake County will crack the magic number of 800,000. Currently, ten slots are available; you need to predict when the Lake County population will hit 800,000; operatives, place your bets!

Ten Projected Dates
When the Population of Lake County
Reaches 800,000

  1. When Hell Freezes Over

  2. When Frogs Grow Hair

  3. Till the Cows Come Home

  4. 1000 Parsecs After the Battle of Yavin

  5. The Twelfth of Never

  6. Armageddon 2012

  7. When Shrimps Learn to Whistle

  8. The Day When the Route 53 Extension Opens

  9. TBD

  10. When Monkeys Fly Out of Your LakeCountyEye's Butt

Look for your LakeCountyEye at a pharmacy near you. In the Preparation H aisle.


IllinoisJim said...

Can you please write an article on finances in Lake County? This blog is really the only one I read to know more about our county. My questions are:

1. How bad are Lake County taxes compared to Illinois and the nation?
2. The county has run up a big deficit. But how big is it compared to Illinois & the nation (What are the benchmarks)? How was it created?
3. I know that school consolidation is being discussed. How much does this save on a countywide basis?
4. Mr Sullivan is accused of double dipping. (I don’t know even what district he serves.) How much double dipping like this goes on? Does double dipping save money or does it cost us money?
5. As you report, the elites are trying to acquire more power under the veil of saving money. Can we trace back how they cost us money before they planned to save us money? Compared to the problems above I am suspicious of their attempt to “save” money. If I saved $20.00 per year on not being represented as well, so what. But if I saved $2000.00 per year on submitting to their plan, I would have to look at that.

Thanks for your blog and the humor. I find that examining the hypocrisy of Republicans and Democrats is helpful in understand what really goes on behind the grandstanding.

Say, what is happening with the Forest Preserve scandal. Any updates?

Barney Baxter said...

hi IllinoisJim,

Thanks for the ideas. Watch this blog for further developments!