Real Esate Blog

April 2nd, 2008 1:41 PM
There appears to be much anger in this rash of foreclosures. Some very disturbing facts are surfacing. And I'm not talking about the market in general but peoples reaction to being foreclosed on. It seems that over 50% of the homes foreclosed on are getting "trashed" by the former owners. This has always been a problem but never to this extent. The owners being foreclosed on are stripping apppliance, punching holes in the walls, pouring paint or motor oil over the carpet, breaking out windows and patio doors, destroying thermostats an alarm systems, wrecking kitchen and bathroom cabinets and even leaving their pets confined in the home to further destroy the home. Animal shelters are being over run by abandon pets from foreclosed properties. What a mess we have gotten ourselves into. Some banks are beginning to offer foreclosed owners cash payments, as much as $1000 or more to leave the home in broom swept condition. While I can understand the frustration of the owners, it does not speak well of people in general. But, we will weather this storm just as we have every other "crisis" we have faced. It will just take some time.

Posted by Phil Turner on April 2nd, 2008 1:41 PM

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