Jul 2 2008 8:55AM | Permalink | Email this | Comments (1) |
Blog This! using: Blogger.com | LiveJournal |

Here's a twist on the housing downturn that gives new meaning to the phrase "hitting bottom."  While I was at PCBC, I learned there are now startup companies that buy appliances, cabinets, plumbing fixtures and carpeting from homeowners facing foreclosure. They warehouse the items, then track the foreclosure and sell the goods back to whoever buys the foreclosed home at an installed package price. My source overheard the owners of one such startup talking about how profitable it was for them.

I'm not sure if this practice originated and is confined to California, which accounts for roughly 20 percent of all foreclosure cases in the U.S., or if it's happening elsewhere. Comments are welcome, especially if you can corroborate the story.