Michael Hobbs's (michaelhobbs) Blog

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Real Estate Appraiser - PahRoo Appraisal & Consultancy

ARCHIVED BLOG POSTS

2013 

In a housing market on the road to recovery, there has been recent concern that the rising interest rates will affect the housing market negatively.  Rates that were once 3 ¾ percent have now risen to nearly 5% in less than a month. Chief Economist at Trulia, Jed Kolko, stated to CNBC, that 5 % i...
06/26/2013
The Mortgage Forgiveness Debt Relief Act of 2007, which was set to expire December 31, 2012, has survived and has been extended to January 1, 2014.  This is good news for our newly recovering housing market.  Although the Senate missed its deadline of midnight December 31, they decided to enjoy t...
06/18/2013
In addition to the stricter regulations on lending which were referenced in, “Thinking it’s difficult to get a mortgage now? Just wait!,” here are some new adjustments that are good for the consumer/borrower. The CFPB has now ruled as of January 2014, lenders will no longer be able to practice wh...
06/18/2013
For those of you familiar with Gold Coast of Chicago, you may remember the Esquire Theater.  The stretch on Oak St. from Rush St. to Michigan Ave. has always been known to be a key fashion destination right off the Magnificent Mile, housing Prada, Versace, and others.  Recently Del Frisco’s Steak...
06/17/2013
The Carlyle Group, one of this country’s largest private equity groups decided not to follow the same trend as countless others, by investing in single family homes, instead they invested in multi-unit buildings. Currently the Carlyle Group LP, is a $25 Billion fund, and decided to jump into the ...
06/17/2013
The 4 year long dispute for the lot North of McCormick place, the well known convention center in Chicago, was given a deadline of January 10, 2013 by bankruptcy Judge Jack Schmetterer.  The judge asked that by the 10th, the current owners, Pam Gleichman and Karl Norberg, have a binding agreement...
06/17/2013
The Illinois housing market appears to be at the rear of the pack when it comes to recovery, despite several studies supporting progress.  According to the Mortgage Bankers Association, at the end of September 2012, 8% of Illinois’ mortgages are delinquent, making us one of the slowest markets in...
06/14/2013
Stephen Schwartzman, CEO and Chairman of Blackstone Group, tells CNBC that they aren’t steering away from the residential rental market.  Their $3 Billion portfolio of residential property makes them the largest owner of homes in the country. Of course their strategy like many other investors is ...
06/14/2013
In the last 60 days, there have been 2 major pushes in the Illinois rental market as it pertains to tenants’ rights when occupying a foreclosed unit, or a rental unit in receivership by the bank. Currently, when the building is bought by an investor out of foreclosure, a tenant can be evicted at ...
06/13/2013
For the most part home prices are on the rise on a national perspective.  Just last week the National Association of Realtors, NAR, reported that the average home price rose 10% to $180,000. This reflects 4th quarter to 4th quarter in 2011 to 2012. NAR compared 152 markets in the US.  In the 4th ...
06/13/2013
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Michael Hobbs

SRA, LEED GA, RAA
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