If You Liked "Mr. Smith Goes to Washington" ...

Posted by: Peter Coy on July 26

… you’ll love Glenn Kelman’s account of his trip to Washington to testify on behalf of free enterprise in the real estate business. redfin.gif
Kelman runs Redfin, an online real estate brokerage based in Seattle and San Francisco. The congressmen were almost uniformly pro-Realtor and punched him around like a weight bag in a gym. The inquisitors didn’t seem greatly concerned with consistency in their line of questions. He got, “If you’re service is so great, why isn’t your business bigger?” as well as, “Since you’re not out of business, how could you complain?” Here’s the link.

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BusinessWeek editors Peter Coy, Dean Foust, Chris Palmeri and Prashant Gopal 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. Hot Property was a finalist for "Best Media-Affiliated Business Blog" in the 2007 EPpy Awards, presented by Editor & Publisher and Mediaweek, and was named among the 25 most influential real estate blogs of 2007 by Inman News.

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