City News Service is reporting that a 42-year-old man in Riverside, Calif, east of Los Angeles, was arrested for allegedly putting pipe bombs around his home, which had been foreclosed on. A representative of the bank found the bombs.
Police used a bomb disabling robot and an armor plated vehicle to defuse the devices. Nine surrounding homes had to be evacuated. Another ugly episode in the housing bust.
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.