One wrinkle: A 1997 federal tax law that went into effect last year significantly altered real estate taxes, and most people haven't grasped how the new tax law impacts their real estate holdings.

FORBES: Homing In On Taxes

New tax measures to curb real estate spending have caused slowdowns in markets from Asia to Europe.

CNN: Hong Kong ranks highest for 'billionaire' properties

The introduction of the new luxury tax would most likely reduce the attractiveness of real estate as an investment for rich Russians.

FORBES: Rich Russians Also Lament New Tax Hikes

Many real estate industry players took note of the new customers the government's homebuyer tax credit brought to the table.

FORBES: Magazine Article

As state senator, he acted upon a strong real estate interest, co-authoring an Illinois law creating a new pool of tax credits for low-cost housing developers.

FORBES: Obama Kick-Back Cronyism, Part 1: Stimulating Green Energy the Chicago Way