Pending home sales numbers weren't good after all

Posted by: Peter Coy on August 8, 2008

Barry Ritholz.jpg
I like this blog by Barry Ritholtz. Lots of news media reports were encouraged by the Realtors’ report on pending home sales, which showed a monthly gain. Some even said it looked like a sign of a market bottom. Ritholtz begs to differ. And he takes a shot at Lawrence Yun, the ever-optimistic chief economist of the National Assn. of Realtors.

 

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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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