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The Minneapolis Star Tribune tells the amazing story of a painting contractor, living with his wife and three children in a trailer park, who three years ago managed to buy four homes worth $1.2 million. He was hoping to flip the homes and get rich off the appreciation. Instead, the real estate market collapsed and his investment properties sank into foreclosure.
The story is part of a series that started April 20 about the unraveling of the investor-heavy Wright County real estate market.
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.