I love this Washington Post story todayabout an extravagant makeover that just went into foreclosure. It seems that the owners took out a big loan against their beautiful home that they were unable to repay. They have not been forthcoming about giving their side of the story to the media. You don’t know whether to laugh or cry.
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.