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Do yourself a favor and read the cover story in the latest edition of BusinessWeek. It’s called “That Sinking Feeling: As builders slash prices, homeowners are getting slammed.” It’s by Mara Der Hovanesian and my fellow Hot Property blogger, Chris Palmeri.
Slashing prices may be necessary to eliminate the backlog of unsold houses. But people who bought before the price cuts are feeling like chumps. A great story.
Mara and Chris were early to pick up on this trend. I just got an email today from real estate agent and blogger Frank Borges LLosa in northern Virginia, who has seen it happening in his area. Here’s a link to his blog.
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.