| By :
Frank Patrick
In the first quarter of 2010, there were more foreclosures recorded in the USA than there had ever had been before – since they began keeping statistics on them. Although numerous economists continue to claim the Great Recession is over, the housing market is still plagued by a giant backlog of foreclosures that is just finally beginning to be dealt with. That means at least several more years of big opportunity for those in the business of securing, repairing and performing trash outs on these foreclosures – the property preservation business. Banks are finally publicly recording the millions of homes in default that formed the “shadow inventory” of foreclosures that had been held back from market. The government has also decided to help streamline the foreclosure process by changing its definition of what a foreclosure is. On Friday, April 2nd, HUD decided to classify any property that is at least 60 days behind on the mortgage or the property owner is 90 days or more delinquent on tax payments as a foreclosed home. Not only that, but HUD is also expanding the definition of an “abandoned” property. Now included are houses where no mortgage or tax payments have been made by the property owner for at least 90 days – or a code enforcement inspection has determined that the property is not habitable and the owner has taken no corrective actions within 90 days of notification of the deficiencies. HUD is doing this because neighborhoods continue to be in danger from the sheer number of homes that aren’t “technically” foreclosures. These homes, that become dangerously rundown from being vacant, foster crime, lower local property values dramatically and become a physical safety hazard for children and even adults who live in the area. In the past few years, bureaucratic roadblocks and slow foreclosure processes have created this overload of abandoned properties. Now, the sheer numbers have forced authorities both in the government and the financial sector to record these homes as foreclosures faster and hire property preservation companies and mortgage field service companies to do a trash out and rehabilitate them as soon as possible. This means the foreclosure business opportunity for everyone in the property preservation industry will grow even bigger than it has before, with more foreclosures hitting the market and more record-setting numbers predicted to hit by the end of 2010. Many just entering this lucrative field who get the proper expert training find themselves making up to 5 figures a week.
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