Foreclosures: not just a devastating loss anymore!

Nope, not at all. With the growth of foreclosures, due in part to the rise in nontraditional mortgages, equity stripping, and predatory lending generally, the foreclosure purchaser market is booming!

The Pioneer Press recently reported on the “other end of the housing boom” over the weekend. That “other end” is good business for cleaning crews, movers, attorneys, property managers, and a slew of other businesses and industries. When you realize that about 7,000 Twin Cites homes were sold at sheriff’s sales last year, that starts to look like big business.

According to the article, each foreclosure costs the mortgage industry between $50,000 and $60,000, and guesses the industry at $12.5 billion nationwide. That’s a lot of dollars. And you can find out all about it in DS News, the industry rag!