Michael Hobbs's (michaelhobbs) Blog

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Real Estate Appraiser - PahRoo Appraisal & Consultancy

ARCHIVED BLOG POSTS

2013 

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...
05/30/2013
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...
05/30/2013
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...
05/30/2013
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 ...
05/30/2013
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...
05/29/2013
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...
05/29/2013
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...
05/28/2013
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...
05/24/2013
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...
05/23/2013
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...
05/17/2013
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Michael Hobbs

SRA, LEED GA, RAA
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