Foreclosure Industry Booming and Prospering

June 25th, 2008

It will not be much off the mark to say that the foreclosure industry is booming and prospering. The avalanche of foreclosures has made it into a zooming industry by a strange twist of fate. Even before the housing crisis has reached its peak the foreclosure specialists are multiplying by the hundreds.
A trip accompanying Sean Zawyer and Seth Gisson will verify the truth of these statements. All it requires is a day. They are sworn officers of the court who serve papers. They have been engaged to deliver the bad news. The company delivers about 5,000 foreclosure notices in a single day in the Miami area. This has been going on for months in and around Miami. Zawyer fails to say in so many words how many foreclosure houses are rolling in. Perhaps it will like counting the stars in the sky!
The duo has been in the line for the last ten years or so and they are amazed at the turn of events. The foreclosure numbers are steadily growing at the pace of to 20% to 30%. Within a year and a half it will double. This means booming zooming business. The company has now engaged 55 personnel. This includes 25 office staff and 30 servers who physically hand over the notices.
There are many others like Zawyer and Gissen who are kept busy on their toes fueled by this foreclosure crisis. More and more companies are coming up as banks are evicting owners and taking possession of foreclosed properties. In Rockwall County in Texas the Sheriff has had the onerous task of evicting approximately six families in each week.
Preparing repossessed houses to be ready for sale is another kind of lucrative business. Only two years previously, WSR Preservation Services that dealt with property maintenance in California, had 10 employees. Today the number has shot up to 60. Each trip has a sad tale to tell. In one trip they found abandoned toys and a child’s bike. Some families have to be locked out by the Sheriff but in many cases the families just quietly vanish.
In Miami, Gissen and Zawyer work till late evening knocking on doors sometimes searching for the owners. Locating owners is becoming increasingly difficult. Nearly 70% of the units are either vacant or they are occupied by tenants.
Most of the housing experts are unanimous in their opinion that foreclosures have miles ahead to go before the return journey begins.