Archives: July 2008

Blacks and Hispanics twice as likely to get high-cost mortgages

Posted by: Prashant Gopal on July 31

A study by the National Community Reinvestment Coalition released today suggests that blacks and Hispanics are much more likely to have risky and poorly-underwritten loans. But interestingly, the disparity is...

The President's Reluctant Signature

Posted by: Chris Palmeri on July 30

President Bush signed the big housing bill today. He didn’t love it and put his signature on it privately rather than in a big press event in the Rose...

Extreme Makeover -------> Extreme Foreclosure

Posted by: Peter Coy on July 29

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...

The Rapist Next Door

Posted by: Chris Palmeri on July 25

Last week I posted an item about my decision to withdraw an offer I made on a duplex in Los Angeles. Thanks to everyone who commented. There was another...

San Diego, "foreclosure sanctuary"? B-a-a-a-d idea

Posted by: Peter Coy on July 24

Now here is a uniquely bad idea for coping with the housing crisis: SAN DIEGO (Reuters) - San Diego City Attorney Michael Aguirre said on Wednesday he filed a...

Who's the Best Realtor?

Posted by: Chris Palmeri on July 23

J.D. Power, the market research firm best known for its customer satisfaction surveys of new cars, came out today with its first-ever survey of real estate agents. This has...

Text message alerts: Prices falling!

Posted by: Peter Coy on July 23

I got this note today from a BW colleague who shall remain nameless: A few years ago, I ran into the real estate agent who sold me my apartment on...

This Ain't Melrose Place

Posted by: Chris Palmeri on July 22

The Los Angeles Times reported today that Candy Spelling, widow of TV producer Aaron Spelling, paid $47 million for a condo at the Century, a new building being built...

A doozy of an agent horror story

Posted by: Peter Coy on July 22

This appeared today as a comment on Anyone have an agent horror story like this one? but I'm highlighting it here because it's so appalling. I have a horror story...

My Adventures in Real Estate

Posted by: Chris Palmeri on July 18

So I’ve decided to take a stab at real estate investing. I found a duplex for sale in Los Angeles. The property is a short sale. The owner bought...

When the old family home goes into foreclosure

Posted by: Peter Coy on July 18

Some of you may remember Tim Mullaney, who worked for BW for a number of years and wrote some nice guest blogs for Hot Property. Tim has since moved on...

New home construction report -- worse than it looks

Posted by: Prashant Gopal on July 17

A survey of builders released yesterday indicated that builder confidence in the new-home market in July hit a new low for the third-month in a row. The National Association of...

Ben Bernanke's new nickname: Bernie Mac

Posted by: Peter Coy on July 17

At first glance it's hard to see much resemblance between Ben Bernanke, the chairman of the Federal Reserve, and Bernie Mac, the comedian. Bernanke is an economist from Princeton...

An Indymac Borrower Speaks

Posted by: Chris Palmeri on July 16

I got a call from an Indymac borrower who asked that his name not be used. He and his wife bought a three bedroom townhouse in the Los Angeles suburb...

Son of Countrywide

Posted by: Chris Palmeri on July 15

Call it the Indymac massacre. It’s the second largest bank failure in US history. Many of the unfortunate souls who put their hard-earned dough in Indymac’s high-paying cds have...

Manhattan co-op boards rejecting Wall Street's wealthy

Posted by: Prashant Gopal on July 15

Buying a co-op in Manhattan is ridiculously expensive but still affordable for Wall Street employees whose large salaries and bonuses allow them to live a comfortable New York life. But...

One million houses have become rentals

Posted by: Prashant Gopal on July 09

With the housing market in the tank, demand for rental units is increasing. But it looks like the supply of apartments also is rising quickly despite little new apartment construction....

Best Real Estate Promotions

Posted by: Chris Palmeri on July 02

As the housing slump winds on, builders and Realtors are getting very creative in their marketing. We could almost do an awards show about the best promotions. Here are...

The rate of option ARM delinquencies is already spiking

Posted by: Prashant Gopal on July 02

The next wave of foreclosures is expected to gather strength when the million or so option ARMs start resetting in large numbers next spring. But it seems that many of...

Homes for sale are 'great' in Miami, 'large' in Dallas, and 'new' in Boston

Posted by: Peter Coy on July 01

The most popular adjective in real estate listings is (to amplify on my headline) "great" in Miami; "large" in Dallas, Orange County, Calif., and San Francisco; and "new" in Boston,...

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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