Archives: June 2008

Pick-A-Pay Goes Away...

Posted by: Dean Foust on June 30

When Wachovia bought Golden West Financial two years ago, executives at the Charlotte-based bank gushed about how they could take the “Pick-A-Pay” mortgage that was Golden West’s signature product and...

When is it OK to walk away from your mortgage?

Posted by: Peter Coy on June 30

Check out this week's BusinessWeek cover story, The Home Price Abyss: Why the threat of a free fall is growing. I and Mara Der Hovanesian wrote the story with help...

Oops. You actually can call your building "family friendly"

Posted by: Peter Coy on June 30

Very belated correction: A year ago I pointed out a New York Times article that warned real estate agents against describing an apartment building as "family friendly." The reason, supposedly,...

It's Not Just Ed McMahon

Posted by: Chris Palmeri on June 27

Is that a swimming pool in front of the Pentagon? Nope. It’s boxer Evander Holyfield’s old Atlanta estate and it has joined the growing list of celebrity homes going into...

Home sales up, but only slightly

Posted by: Prashant Gopal on June 26

Good news is a rare treat in this housing market. Today’s National Association of Realtors report is at least mildly positive. It shows that existing home sales rose 2% in...

Harvard on Housing

Posted by: Chris Palmeri on June 24

Harvard University’s Joint Center for Housing Studies came out with its annual snapshot of the housing industry this week and it is bleak. The report, the university’s 20th, calls...

Project Restart and the Wamulians

Posted by: Chris Palmeri on June 20

It’s been another tough week for Washington Mutual, the nation’s largest and perhaps most troubled thrift. The company announced a major new restructuring called Project Restart. Some 1,200 employees...

Find your mortgage-meltdown souvenirs on eBay

Posted by: Prashant Gopal on June 20

Looking for a gift for that special someone? How about a teddy bear, beach towel or football with the name of a recently-defunct Wall Street investment bank printed on...

The View From Downtown L.A.

Posted by: Chris Palmeri on June 19

The most prominent developers in Los Angeles’ downtown got together this week for the Central City Association’s tenth annual look at the real estate market. Tom Gilmore, who was...

Just When You Thought It Was Safe To Get In The Water

Posted by: Chris Palmeri on June 17

A new breed of animal has entered the real estate market the Property Shark. The latest results for Southern California from DataQuick Information Services show what’s going on. The...

One state is succeeding in slowing foreclosures... at least for now

Posted by: Prashant Gopal on June 13

If you’ve been reading HotProperty's coverage of the foreclosure crisis, you’re not going to be surprised by RealtyTrac’s latest report, which shows that foreclosure filings jumped 7% in May...

Short Sale Expert Weighs In

Posted by: Peter Coy on June 12

It's not every day that we get a CEO answering questions from readers, so when one does I like to give it a little extra attention. That said, here's a...

Wamu's Wild Ride

Posted by: Chris Palmeri on June 10

It’s been a rollercoaster ride these days for Washington Mutual shareholders. Yesterday the stock fell 17% to a 16 year low as UBS analyst Eric E. Wasserstrom predicted losses...

Shouldn't a best-cities-in-the-world list include New York and London?

Posted by: Prashant Gopal on June 09

Copenhagen topped the list of the world's best cities, according to London-based lifestyle magazine Monocle. But what surprised me is that the list, which measures quality of life, skipped over...

Green Pools--Not the Environmentally Friendly Kind

Posted by: Chris Palmeri on June 06

The Los Angeles Times had another sad but well reported story about the housing bust hitting home. This time it’s in Temecula, California, one of the those classic ex-urbs...

Our Shrinking Home Equity

Posted by: Chris Palmeri on June 04

My hat is off to the folks at the financial industry trade publication Investment News for creating this fascinating and frightening table showing how America’s home equity has withered...

Brad Pitt takes real-life role as resort designer

Posted by: Prashant Gopal on June 03

Brad Pitt isn't the first celebrity to lend his name to help sell a real estate project. But it's not common for movie stars to design five-star luxury hotels....

She Works Hard For Her Money

Posted by: Chris Palmeri on June 02

Reporting a recent story on how Realtors are coping with the housing slump, Ardell DellaLoggio, a broker in Seattle, told me one of the big changes is how much...

About

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.

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