Barry Ritholz has a great item today about the five stages of market grief: denial, anger, bargaining, depression, and acceptance. He figures we’re at the bargaining stage right now. Anger, by the way, was exemplified by Jim Cramer’s famous rant last year that the Fed just didn’t get how bad things were out there. As Ritholz points out, only a few months earlier Cramer had himself been in deep denial about the problems in housing. (Check this YouTube clip.)
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.