Michael Hobbs's (michaelhobbs) Blog

Real Estate Appraiser - PahRoo Appraisal & Consultancy



  The Chicago MSA, consisting of Chicago-Joliet-Naperville area, had one of the highest June jobless rates at 10.4% in the state.  Still, the area's unemployment rate was lower than a year ago, according to figures released Thursday by the Illinois Department of Employment Security. The report on...
The Illinois Association of Realtors indicates a 'computer' glitch caused the lowest priced 11% of housing records to be omitted.  Really?  A 'computer' glitch?  Well, what incredibly intelligent tech person hired the novice that programmed the computer and didn't verify the data?  We may never k...
“We designed Home Price Protection to help boost confidence among homebuyers, providing peace of mind that the value of their investment won’t decline as a result of factors out of their control, like the overall strength of the real estate market in their area,” EquityLock Solutions CEO and Co-...
Earlier this month, there was an article written by David Streitfeld in The New York Times on the topic of cutting loan balances on option arm mortgages.  The article profiled Rula Giosmas who had her loan balance cut from $300,000 to $150,000 without even asking...Wow...We could all use that! T...
According to the Gallup Daily, which tracked the period of July 22-24, 73% of Americans say the U.S. economy is getting worse. That is an 11% increase from earlier in the month, and the lowest measurement since March 12, 2009. 51% of Americans rated the United States current economic conditions ...
You don't need a lot of frequent flier miles to earn a free stay in your house.  According to Sean O’Toole, CEO of ForeclosureRadar, lenders wait as long as possible to book losses from foreclosed properties.  Hence, if you are underwater (aka negative equity) and hence, owe more, then you get t...
Myth: Short sales are quick transactions Truth: Short sale transactions can move quicker if the seller / listing agent has been able to receive an approval and agreement from the seller's lender.  Unfortunately, that approval is most regularly stipulated on a particlar 'offer' price that must be...
A recently released report of a national telephone survey by Rasmussen Reports, indicates that approximately half of all homeowners think their property is not underwater (meaning that the market value of their home is less than the mortgage outstanding on their home).  Granted, 18% said they we...
Cherry Picker Investments handles foreclosures of all sizes, but most of them are not multi-million dollar foreclosures because the majority of the Illinois housing market is under $1mm in price tag.  Nonetheless, multi-million dollar foreclosures do happen and this one is coming up in Evanston,...
While there are many misconceptions around distressed real estate, a recent article highlighted a couple of the better distressed real estate myths. Myth: Distressed properties are all alike and therefore the price is similar.  Truth: Not so, says Adam Warvunek, Broker/Owner of Domain Realty, Ch...

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