Category: Quote

Local economist says housing market will likely get worse


I don’t think the housing market will bottom out until after the economy starts to recover. Until then, I think home prices will keep dropping, but how much is anyone’s guess. Prices have fallen 11.6 percent since a year ago, and 17.5 percent since the market peak in 2006. One in every five homes sold over the last year was in foreclosure, and an estimated one in six homeowners have negative equity — meaning they owe more on their mortgage than their house is worth. That’s why I don’t see this changing very quickly. ... Even with the [pricing] decline, prices are still only down to 2004 levels so it’s not as though prices have simply collapsed. Champaign-Urbana has weathered the downturn much better because it didn’t have the spectacular rise beforehand.

– Housing expert Daniel McMillen, an economist with the Institute of Government and Public Affairs at the University of Illinois



Blog Watch: A Thought and a Song

Don't let anyone fool you into saying that Unofficial is about anything other than binge drinking. It's not about getting an early start for St. Patrick's Day, nor is it about academically minded students wanting to study on the actual St. Patrick's Day and still get in a night of drinking at some point. It is most certainly not about the most misused word in Champaign County: tradition.

— from Happy Hypocrisy Day!


Champaign Public Library’s bookmobile bites the dust after 46 years of service

We looked very carefully at whether to spend the money for a new bookmobile in
this time of tightening budgets. The cost of a new vehicle, along with annual operating costs, didn't seem like the best use of taxpayer dollars when we're working hard to meet overall increases in demand for library services.

–Champaign Public Library Director

Marsha Grove

The current bookmobile, a 20-year-old vehicle that served as a library on wheels and stopped at around 20 locations each week, would have cost the library approximately $200,000 to replace, according to the library's press release. The bookmobile's annual operating costs totaled $150,879.