Michael Hobbs's (michaelhobbs) Blog

Real Estate Appraiser - PahRoo Appraisal & Consultancy



Of all the neighborhoods on Chicago’s south side, Bronzeville has continued to be in a state of change.  The once home of  many public housing structures, went through a phase of new development a decade ago so now the newest change is adding more shopping centers in the neighborhood and which po...
The 5 major lenders report their 2012 pre-foreclosure rate has dropped a whopping 41%!  The Big Five looked at their combined notice of default, (NOD) and notices of trustee sales, (NTS) and compared them to that of a year ago according to Reality Track. Bank of America reports a 63% reduction fr...
With new construction making a comeback in Chicago, a new project emerging in the far West Loop could extend the boundary of the popular neighborhood.  This project is taking place in the near west side, 3 blocks east of the United Center, and will be a 4 story 52 unit apartment building.       T...
Freddie Mac reported for the last 3 weeks, fixed rate mortgages have been increasing steadily.   They believe that the jump in rates will actually spark movement in the housing market as well as the construction industry. Freddie’s Primary Mortgage Market Survey revealed that rates for a 30 year ...
Texas legislation voted in a new law regarding reverse mortgages for purchase.  Currently, Texas is the only state that does not allow a reverse mortgage for purchase. A reverse mortgage allows senior homeowners to now receive funds vs. paying the remaining mortgage based on the difference betwee...
The Ritz Carlton just won a huge dispute against the Water Reclamation District.  The 6 year long dispute came to a decision on January 4 of this year and awarded Prism Development Group $36.4 million. This long drawn out dispute was over an easement regarding the alley behind the Ritz Carlton Re...
At the end of 2012, the Cook County Board of Commissioners voted unanimously on creating the largest land bank in the US to begin solving issues in communities regarding the over populated nature of abandoned and vacant properties. Their sole purpose will be to restore life into these communities...
April was one the busiest months Cook County has seen in Foreclosure activity since August of 2010.  A whopping 3000 residential units came through the auctions just last month.  When compared to the 1500 in March and the 1800 from a year ago, that tells us one thing.  There is STILL a lot invent...
The building market seems to be gaining more confidence; in fact the building market is the highest it’s been in 6 years after an 8 month continuous increase.  The National Association of Home Builders/Wells Fargo Market Index, (NAHB), reports a level of 47 in the month of December. NAHB chief ec...
It’s no secret that institutionalized funds have changed the markets in the most areas that were hit hardest by the foreclosure crisis.  The criticism is that they are taking advantage of the system, profiting at the expense of the average buyer in the market today.  John Husing, an economist spe...

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