Archives: October 2008

Kaufmann House Deal Undone

Posted by: Chris Palmeri on October 30

In another sign that even the rich are suffering in this crisis, a deal to purchase the Kaufmann House, a famous modernist design by architect Richard Neutra, fell apart...

LowerMyBills lowers its bills (on advertising)

Posted by: Peter Coy on October 29

Guest blog from BusinessWeek's Mara Der Hovanesian: The latest sign that the exuberance has ended: the Web’s dancing cowboys have all but disappeared. In the housing boom’s go-go days, LowerMyBills.com,...

A Condo Escape Clause for New York Liberals

Posted by: Peter Coy on October 28

A New York condo developer is offering to let buyers back out of contracts signed between now and Election Day if Barack Obama fails to win the presidency. The New...

Boston and Cleveland home prices were on the rise in August, according to Case Shiller report.

Posted by: Prashant Gopal on October 28

It seems that the most-damaged housing markets – such as Phoenix, Miami, San Diego, and Las Vegas – only got worse in August, according to the S&P/Case Shiller home value...

New homes were selling last month -- at least until the financial crisis

Posted by: Prashant Gopal on October 27

It seems that the financial crisis arrived last month at a time when new home sales were finally kicking into gear. Seasonally adjusted new home sales contracts jumped unexpectedly by...

California leads Country in Foreclosures and Reform

Posted by: Chris Palmeri on October 27

California could be leadind the country in foreclosure mitgiation effots. A new Golden State law forces lenders to give homeowners at least 30 days notice before starting any foreclosure...

Existing home sales are up, but the housing market will likely worsen

Posted by: Prashant Gopal on October 24

You might have been surprised to learn this morning that, with our economy in severe crisis, existing home sales actually jumped 5.5% in September, according to the National Association of...

Greenspan Gets Pummeled by Congress

Posted by: Chris Palmeri on October 23

Oh how the housing mess has brought down the both the little folks and the high and mighty. Alan Greenspan got his comeuppance on the witness stand in front...

Foreclosure Advocates March on Washington

Posted by: Chris Palmeri on October 23

In the 1960s activists marched for civil rights and to protest the Vietnam War. Now its the foreclosure crisis. Community activist group Pico National Network is marshalling faith-based organizations...

What California Realtors say about Housing Prices

Posted by: Chris Palmeri on October 22

California home sales are soaring. What? Aren’t we in the middle of a credit crunch and mortgage industry meltdown? Bargain shoppers are snapping up distressed property, according to real...

Housing busts may lower household mobility

Posted by: Peter Coy on October 21

If you can't sell, you can't move. Makes sense, right? Now some economists have proven that in a housing bust, people with negative equity in their homes are about...

Real estate Web sites including Zillow and Redfin slashing jobs

Posted by: Prashant Gopal on October 20

Seattle-based Zillow.com is the latest real estate web site to announce major layoffs in the wake of the recent Wall Street meltdown. Zillow said that it is cutting 40 people...

Housing starts were bad in September, but just wait until October's data is released

Posted by: Prashant Gopal on October 17

Housing starts dropped 6.3% in September to a seasonally adjusted annual rate of 817,000 -- the second lowest level of all time just behind the rate in September 1991, the...

Countrywide Appraiser Lawsuit

Posted by: Chris Palmeri on October 16

A somewhat overlooked player in this whole mortgage meltdown is the appraiser who is supposed to offer up unbiased opinions on the worth of a property before a loan is...

The Candidates' Battling Economic Plans

Posted by: Chris Palmeri on October 15

It's going to the battle of the bailouts in tonight's presidential debate. With the withering economy and mortgage meltdown front and center on everyone's mind, the two candidates are...

Is it Time to Buy REITs?

Posted by: Chris Palmeri on October 14

After soaring through much of the decade, real estate investment trusts had a disastrous year in 2007 when their downturn presaged the overall credit market collapse. Through Oct. 10...

Stock market crash kills luxury home sales

Posted by: Peter Coy on October 13

The collapse of the subprime lending market killed the low-priced end of the housing market. Now the ruination on Wall Street threatens to kill the top of the market....

Foreclosures to Top 1 Million

Posted by: Chris Palmeri on October 09

Web site Foreclosures.com just released its monthly U.S. Foreclosures Index for the month of September. Foreclosures increased by nearly 7% from August to September -- making it nearly certain--the site...

Homebuyers in August were busy

Posted by: Prashant Gopal on October 09

The number of home sales contracts signed soared in August, the National Association of Realtors reported this morning. Pending home sales, a leading indicator because contracts are typically signed a...

Can People in Foreclosure Still Vote?

Posted by: Chris Palmeri on October 09

Could people who’ve lost their home in a foreclosure lose their chance to vote on Nov. 4? Believe of not there are efforts to keep such people off the voting...

The Bailout Bill on Executive Compensation

Posted by: Chris Palmeri on October 08

I've been checking out the big bailout bill, all 400-plus pages. You can read it all here. One of the big debates was whether the bill should include limits on...

Manhattan apartment prices are finally going flat

Posted by: Prashant Gopal on October 07

Manhattan apartment prices, which have soared quarter after quarter, are finally flattening out, according to a report today from the Real Estate Board of New York. “The trend from the...

JPMorgan's "Cheats & Tricks" memo

Posted by: Peter Coy on October 03

The deepening of the financial crisis has led to a new round of finger-pointing. The blame game can go too far, of course, but on the whole I think it's...

Manhattan Takes a Tumble

Posted by: Chris Palmeri on October 03

The latest real estate sales numbers from the Corcoran Report show that the Big Apple, long thought to be immune from the housing slump, suddenly has that sinking feeling. Home...

Community Reinvestment Act had nothing to do with subprime crisis

Posted by: Peter Coy on October 02

Excellent piece by BusinessWeek's Aaron Pressman over at Investing Insights, another one of our blogs. I'm republishing it here in full, but I recommend checking it out in the original....

McCain family's former 13-bedroom, 14.5-bath mansion is on the block

Posted by: Prashant Gopal on October 01

The Phoenix mansion where John and Cindy McCain raised their family is set to be auctioned this month. But this is not one of the many McCain homes that...

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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