Congress Extends Tax Credit

In a 409-5 vote the House of Representatives in Washington has passed a bill extending the tax credit deadline another 3 months. The Senate could vote on the bill as soon as tomorrow. I know my buyers can breath a little easier now.

Save the Date!

Realtors to the Rescue along with Barriers Against Repeat Cruelty (BARC) and the The Animal Emergency and Treatment Center invite you to join us to raise money for the Animal Emergency Veterinary Fund (EVF).

Wednesday, July 28Th from 6:00 to 10:00 pm

3927 W Belmont Chicago, IL 60618 (Belmont just east Pulaski)

This a wonderful charity that needs our help.

Hope to see you there!

The Economy

I have some wonderful news today. For the first time in two years durable goods orders are up for the fifth month in a row! It's not really that much but it's nice to see that things are moving in the right direction.

Eliminating the Mortgage Interest Deduction

A scared cow in the tax code MIGHT be eliminated. Lawmakers in Washington are looking for ways to plug the giant deficit we all face. One way to trim the deficit is to get rid of the mortgage interest deduction. How will this effect Realty business? It's really hard to say but you can be sure that will cause some hardship in the short term.

Economists have argued for its elimination for a long time. There are a number of problems with the deduction. First, it causes home prices to rise artificially, Especially in areas like New York City were space is at a premium.

Secondly, the deduction is very regressive. A household making $250,000 a year saves almost 10 times more on their taxes than a household making $75,000.

Finally, it encourages us to buy more home than we need. All those Mega mansions out there are directly linked to this tax break.

Maybe in the long run getting rid of the deduction is a good idea, but it could be a disaster for us in the short term. If you think housing prices are depressed now, just wait until everyone starts to downsize because they just can't afford that 5 bedroom / 4 bath home anymore.

Open House Today!

I'll be hosting an open house today June 6th, from 12 to 3 pm at 107 Ironwood in Rolling Meadows. If you're in the market for a 3 bedroom / 2.5 bath house in the North west suburbs then you need to stop by today.

If you're in the market for an affordable home in a wonderful school district, them look no further! Immaculate low maintenance home in top school district. Priced to sell. Enjoy quiet cul de sac & views of pond from your landscaped patio. Roof in 04'. Newer appliances, furnace & water heater +central vac system! Securtiy system, intercom, sat TV, ceiling fans, gas log fireplace. Pond fed sprinkler system. Full clean basement! Great layout w/open kithen & great room. Loft over living room. Top notch schools. This is an awesome location by Palatine downtown!

Red door 10th Annual Gimme Shelter Walk

Don’t miss Red Door's 10th Annual Gimme Shelter Walk for the Animals on June 13th, from 10:00 am to noon (rain or shine), at Chicago’s Indian Boundary Park at 2500 West Lunt. For more information, please to their web site at http://www.reddoorshelter.org/anniversary.html

Bike the drive!

The sunrise on the drive was spectacular!

Trump Tower

The annual "Bike the Drive" was such a blast! The weather was perfect and the people were even better. Maureen and I were riding our Schwinn single speed tandem. If you've ever ridden a single speed tandem, it's an experience you won't soon forget.

Thank you to everyone who made all possible. We're going to make "Bike the Drive" part of our annual Memorial Day weekend and I hope you will to. See you next year!