Michael Hobbs's (michaelhobbs) Blog

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...

Going through a divorce? Who ya gonna call… to sell your home?   I just made everyone sing “Ghosbusters!” in their head didn’t I?  Well, in real estate, divorce can create quite the scenario for agents and not all agents are up for the task. Unfortunately, the situation can provide additional hur...

Massachusetts remains hopeful for a turn in their housing market.  In December of 2012, there were only 265 recorded foreclosure deeds, these are completed foreclosures.  This is 64% less than December of 2011, according to the Warren Group, a real estate and financial information firm. However 8...

Principal reduction is something that has been spoken about, but how many borrowers really get to take advantage of that? The Obama administrations claimed that just in February, 70% of mortgages that were non-GSE loans that were eligible for a principal reductions through HAMP, Home Affordabilit...