Thanks to our friends at The Smoking Gun http://www.thesmokinggun.com/archive/0706051realestate1.html for this creepy sign of a market top. A Wisconsin man allegedly offered a real estate broker at an open house more than three times the asking price for home in exchange for sexual favors which he had conveniently already written up in a contract. This was one deal the broker didn’t want to close and she prompty reported the interested party to police, who booked him on felony charges of soliciting prostitution. Facing six years in prison, he hopefully won’t be looking for a home for a while.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.