Way back on June 30, 2005, the day after this blog debuted, Chris Palmeri wrote a prescient blog item, which bears re-reading.
Chris wrote that based on projected prices and incomes, “only one out of every six Californians will be able to buy a typical home in the state,” adding, “Incidentally, the last time that affordability index fell below 20% was 1989, shortly before California housing prices crashed.”
Got that? Crashed. So don’t say we didn’t warn you.
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.