Michael Hobbs

In case you didn't hear the news, those in need may finally be getting some relief.

As noted in a recent housingwire.com article, "The attorney generals and the Justice Department, as well as the Obama administration officials want the principal reductions to happen sooner rather than later. And they built in the higher incentives to urge the servicers to cooperate."

In regards to the top five servicers, there is a commitment to achieve $10 billion in principal reduction credits under the agreement.

Why is this important? Because there are 11.1 million underwater borrowers in the fourth quarter, which is up from 10.7 million three months prior.

"Negative equity will take an extended period of time to improve, and if there is a hiccup in the economic recovery, it could mean a rise in foreclosures," said CoreLogic Chief Economist Mark Fleming.

So, whether you are one who is need, know a client or prospect who is in need, or just care about the housing market, this has the potential to help turns things around and slow the tide of strategic defaults and short sales.

Michael Hobbs, PahRoo Appraisal & Consultancy

Unfortunately, it should not come as a surprise in today's time-starved world, but nonetheless it did.

I learned today that this is not a Stop sign.

It is more commonly known as a Coast sign. Yes, that is right. In Chicago, they have renamed these lovely red with white trim signs to Coast signs. Granted, I don't suspect Mayor Rahm Emmanuel is going to make an announcement any time soon, but be forewarned.

Next time you see a car approaching an intersection with one of these Red with White trim 'Coast' signs, you'll know that they there almost zero probability that the driver is going to come to a complete stop and instead coast through the intersection.

And for the rest of us, be careful of those 'Coast' drivers.

Michael Hobbs, PahRoo Appraisal & Consultancy

Everyone has seen those pretty white and yellow lines painted at intersections that are generally accompanied by a white, yellow or orange flashing signal for pedestrians to pass to the other side of the street. Real estate professionals spend a disproportionate amount of their time in the car traveling between appointments....so they are more aware of those 'painted lines' at traffic intersections.

Have you noticed that those pretty white and yellow lines at a traffic intersection are not painted in the shape of a bulls-eye? Unfortunately, in some cities it seems that drivers do see it that way.

Take for instance Chicago. Jay-walking as it is affectionately known is quite common and pedestrians do not get ticketed for such actions. Hence, pedestrians are willfully walking in or through traffic without waiting for a traffic signal and therefore potentially endangering themselves. Of course, most drivers detest this experience but 'put up with it', because it is so commonplace.

Take for instance California, pedestrians are regularly waiting patiently at the crosswalk to pass when the traffic signal indicates. Furthermore, drivers regularly slow down or stop to allow pedestrians to walk across the street even when it is a green light. Quite courteous indeed.

Yes, the Rules of the Road are the same, but pedestrians definitely act differently in different cities. So, no matter whether those crosswalks look like Bulls-eyes or just like some bad origami, hitting pedestrians is not advised!

Michael Hobbs, PahRoo Appraisal & Consultancy

Just when you thought that similar things should be treated the same, I found that it isn't the case when it comes to crosswalks. Yes, those darling white lines painted at intersections for pedestrians passing from one side of the street to another are not considered equal.

Take for instance Chicago. For anyone who has walked across a street in Chicago, you know that drivers do not regulalry slow down to grant pedestrian right of way. Of course, I'm not talking about what the Rules of the Road say you should do, I'm talking about what is commonplace amongst drivers. In Chicago, it is not uncommon for drivers to rule the road and expect a pedestrian to yield.

Take for instance Los Angeles. For anyone who has walked across a street in LA, you know that drivers consistently slow down to grant pedestrian right of way and will even go out of their way to stop for those pedestrians that jay-walk. Yes, the Rules of the Road are likely the same, but they surely are adhered to differently. In LA, it is common for drivers watch out for pedestrians and respectfully stop other drivers to allow for a pedestrian to walk across the street.

So, the more things look the same, the more they are not always what they seem.

Michael Hobbs, PahRoo Appraisal & Consultancy

Obviously this is not your everyday listing, but then again, Michael Jordan was not your everyday NBA player.

Earlier this week, famous #23 listed his mansion in Highland Park, Illinois for $29 million. For those few who need a refresher, MJ, as he was affectionately known in Chicago, led the Chicago Bulls to six NBA titles, was the league MVP 5 times. a 10-time All-NBA First Team (1987-93, 1996-98); All-NBA Second Team (1985); Defensive Player of the Year (1988); Nine-time All-Defensive First Team (1988-93, 1996-98); Rookie of the Year (1985); 14-time All-Star; All-Star MVP (1988, '96, '98); One of 50 Greatest Players in NBA History ('96); Olympic gold medalist (1984, '92) and was inducted into the NBA Hall of Fame in 2009, per NBA.com. He also became the majority owner of the Charlotte Bobcats in 2010.

The estate basketball is 56,000 square feet, according to the press release by Baird & Warner Inc., the Chicago brokerage hired to sell the property.

Built approximately 16-18 years ago, the estate features "nine bedrooms, 15 bathrooms and an indoor regulation basketball court with 'specially cushioned hardwood flooring' and 'competition-quality high-intensity lighting,' the press release indicated. The property also includes a guesthouse, pool area, outdoor tennis court and three custom garages.