chicago housing: Implementing A REO To Rental Program - 06/20/12 09:38 PM
There is much talk in the media and the investing communiting about developing strategies REO to Rental.  One immediate upside is neighborhood stabilization, which most will agree than an occupied house is much better than a vacant house, all other things equal.  In a city like Chicago, there is a growing need for affordable rental housing and reducing the inventory of foreclosed properties. 
Granted, no one is stepping up and saying an REO to Rental strategy will actually deliver affordable housing, but to the extent it can occur, that assists some of those in greatest need. 
In theory, this possibility … (3 comments)

chicago housing: How Low Can They Go? - 05/29/12 08:33 AM
How low can Chicago real estate prices go?
 Based on the Case-Shiller index, a Standard & Poor's affiliate, the index dropped another 2.5% to end the first quarter 2012 and has hit its lowest level in 12 years.
 On an annual basis, Chicago housing prices are 7.1% lower than a year prior. 
 These are prices levels not seen since March 2000, according to S&P Case-Shiller data.
Guess we may not yet have hit bottom.  Does anyone else smell the 'buying' scents?

Michael Hobbs, PahRoo Appraisal & Consultancy

chicago housing: Chicago Home Prices Hit 12 Year Low - 05/05/12 10:07 PM
I think I can, I think I can...said the housing market, but once again it did not.
The S&P Case Schiller price index for the Chicago-area detached housing indicates that prices have fallen 37.5% since the peak of September 2006. Furthermore, the prices declined another 2.5% from January to February and the decline was 6.9% when measured on a year over year basis.
“While there might be pieces of good news in this report, such as some improvement in many annual rates of return, February 2012 data confirm that, broadly-speaking, home prices continued to decline in the … (1 comments)

chicago housing: Chicago Housing Finally Sees Some Good News - 08/19/11 02:21 AM

For the first time in a while, we have some good news about Chicago-area home sales.  They rose 19.2% in July 2011.  Granted, that is compared to July 2010 which was right after the government incentives ended and was well below it may not be the fairest of comparisons...but 19.2% sure sounds good.
Sales of single-family homes and condominiums in the nine-county area totaled 6,625 units in last month, up from 5,560 in July 2010, according to a report released Thursday by the Illinois Assn. of Realtors. This change in trend was the first time local sales rose year-over-year … (1 comments)

chicago housing: Chicago Unemployment: Is The Glass Half Full Or Half Empty? - 08/05/11 04:05 PM

Recent unemployment levels in the Chicago have generally continued to follow the national average.  With the recent announcement that the national unemployment rate had slightly declined to 9.1% it seemed like good news.  That is until one takes into account a different sobering statistic: there are 25 million Americans who are unemployed, have given up looking for work, or are working part time (yet they would rather have a full-time job). Therefore the so-called "under-employment" rate is 16.1%. 
In summary, the sobering and scary fact is that fewer Americans have jobs. In 28 years, the percentage of … (1 comments)

Michael Hobbs, SRA, LEED GA, RAA (PahRoo Appraisal & Consultancy)

Michael Hobbs


Chicago, IL

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PahRoo Appraisal & Consultancy

Address: 1707 W. Roscoe Street, Suite 1, Chicago, IL, 60657

Office: (773) 388-0003

Fax: (773) 388-3331

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