First I see the news that German billionaire Adolf Merckle had stepped in front of a train. Then this news from the Chicago Tribune.
Steven Good, who built Sheldon Good & Co., the real estate auction house his father had founded, into the largest player in the business, apparently put a bullet into his head.
These men couldn’t have lost all their money. What’s even stranger is the Good’s business was probably doing very well, with all the distressed property needing to get sold. So sad.
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.