Real Estate Guru Admits He's "In a Pickle"

Posted by: Peter Coy on July 10, 2007

Paul Wenske of The Kansas City Star dug up the story of a real estate guru named Michael Ledman who ran afoul of the housing slump and a felony charge. The headline says it all:

Investment guru finds self in a deep hole

The one-time radio host faces mounting debts and a felony case over questionable “land trust” deals.


Here’s a link. Read it and weep.

Reader Comments

Wes

July 10, 2007 10:19 PM

This and similar stories are just the beginning. The bottom of the bust will be signled by a general widespread belief that housing is a horrible investment, which I expect will come in 2009/2010.

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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.

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