Michael Hobbs's (michaelhobbs) Blog

Real Estate Appraiser - PahRoo Appraisal & Consultancy



Tick, Tick, Tick.....Someone desperately is needed to solve this $35 billion time bomb!     Where is Bruce Willis when you need him?  Or Superman for that matter?  How about McGyver?  Somebody?  Anybody? Illinois Institute for Fiscal Sustainability's at the Civic Federation today released their a...
January 31st is right around the corner and the deadline for sending out 1099s. Per the IRS publication 509, Tax Calendar,   All businesses. Give annual information statements to recipients of certain payments   you made during 2011. You can use the appropriate version of Form 1099 or other infor...
So, I went to the doctor earlier this week with my wife for her scheduled appointment.  The doctor's office had called two days in advance to confirm the appointment and even let her know there some additional medical files they needed.  Given the afternoon appointment time, I figured that this f...
Earlier this week, Housingwire.com announced that mortgage originations by the nation's largest four banks fell 20.4% in 2011 to a combined $717 billion from $902 billion in 2010.  To put that decline of $180 billion by the largest 4 banks in perspective, the United States government stepped in f...
According to data released in December by ILFLS.com, The Illinois Foreclosure Listing Service, the new foreclosure filings in Cook County (aka, Chicago Illinois and the surrounding areas) have increased by 14.32% while in the rest of Chicago land the number of new filings have dropped on average ...
Chicago-area foreclosure auctions soared at the end of 2011 based on information reported from Bardan Azari at Cherry Picker Investments who represents real estate investors and rehabbers at auctions. According to data released in December by ILFLS.com, The Illinois Foreclosure Listing Service, t...
RealtyTrac® (www.realtytrac.com) released the 2011 U.S. Foreclosure Market Report™, showing 2,698,967 foreclosure filings.  Filings consist of default notices, scheduled auctions and bank repossessions.  This activity was a decrease of 34 percent as measured in total properties from 2010. The act...
What is $1 billion between fellow taxpayers?  If you are Fannie Mae or Freddie Mac, it is the necessary cost of handling the inventory of foreclosed properties with respect to property maintenance (aka board up, services, repairs, etc).  In a recently released 78 page report by the GAO (Governmen...
Hindsight is quite a powerful ability, but foresight, now that is the stuff rock scientists, charlatans and economists. For every time you have had a conversation in the past year or two regarding, “Did you see it coming?” in regards to the Great Recession of the prior decade, don't worry, you ar...
Is it any surprise that the number of residential properties that transacted last year for more than $1,000,000 fell?  Employment surely hasn't picked up that much.  Nearly 6 million people have left (or been pushed out) of the job market in the past half a decade when time were more bouyant. Acc...

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