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It seems that more and more Americans faced with foreclosure are renting out rooms in their homes to help pay the mortgage. Of course, this is a trend that is difficult to quantify, but it’s something that a bunch of newspapers and television stations have picked up on in the last month.
When the cold weather arrives this fall, I’m guessing that the idea will gain favor with Bostonians, Minnesotans, Rhode Islanders and others with high heating bills and weak housing markets.
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.