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We all know homebuilders are hurting. And Dallas-based D.R. Horton, the nation’s largest, has a clever marketing pitch. It’s been advertising “short sales” to compete with the thousands of home owners trying to unload their properties for less than what they paid.
On March 15 and 15th the builder is selling a limited number of homes in communities throughout California at prices sooo low—well, you have to go to the sales office on the day of the sale to find out what they are.
In January D.R. Horton hired diminutive actor Verne Troyer as spokesperson for a similar ad campaign in Las Vegas. These are tough times for everybody.
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.