Boom2Bust.com

Weird Housing Tales, Part 5

Call it poetic justice. The circus atmosphere that surrounded the U.S. housing boom shows no signs of abating as the bust takes hold. This afternoon I came across an Associated Press piece on MSN Money which described how potential foreclosure buyers are crowding onto buses for day-long expeditions through empty homes in the hopes of finding bargain properties. From the article:

ORLANDO, Fla. - The white bus rumbles into the quiet suburban neighborhood, heading toward a foreclosed home that sits empty. Neighbors, young and old, cock their heads in curiosity or point at the slow-moving coach.

Once the vehicle stops, about 20 potential buyers file out and become detectives, opening and closing cabinets and drawers, knocking on walls and asking about the price, the previous owners and what repairs may be needed.

The event is called the “Foreclosure Bus Tour,” where aspiring buyers of foreclosed homes pay $45 per person (or $65 per couple) for the tour, house info, instructional sessions, and meals. During the Orlando tour, a mortgage broker, home inspector, attorney, and real estate agents were made available to participants. Organized foreclosure tours are also being operated in California, where the idea seems to have originated, and Phoenix, Detroit, Kansas City, and Jacksonville.

It won’t take a genius to figure out that the housing crisis has finally hit home if one of these tours is running through their neighborhood…

Source: LaughParty.com

Source:

“Bus tours show off foreclosed homes”
Associated Press, March 26, 2008