My colleague Roben Farzad was traveling recently and heard complaints from people that it’s suddenly getting much harder to land a prime mortgage.
Undoubtedly true. It’s harder now than it was during the boom. The question is whether it’s too hard. In other words, are we entering a credit crunch, in which lenders tighten up so much that even people who are good risks can’t get money?
I don’t think that’s happening yet, but I’d like to know what’s happening out there in America. Credit crunch or not?
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.