See Something Weird? Probably Related to Foreclosure
By: Diane Tuman, Zillow Content Manager | May 13, 2008
The effects of foreclosure are becoming more strange by the week. Here’s the lineup of weirdness we’ve had on the Zillow Blog lately:
- Foreclosed homes with pools become a breeding ground for West Nile Virus
- Foreclosure bus tours packed with people looking for a bargain
- Mosquito fish used to battle infestations in pools of foreclosed homes
- Foreclosure victims living in a camper
- Celebrities facing foreclosure, too
- Unpaid parking ticket leads to foreclosure
- Foreclosures hurt pets, too
- Bobcats move into foreclosed home
- Woman bakes “mortgage apple pies” to stave off foreclosure
Here’s another one we can add to the list: Foreclosure victims turn to self-storage centers as last step before losing everything. In last Sunday’s New York Times, the front-page article, “Losing a Home, Then Losing All in Self-Storage,” unveiled the latest side effects of what happens when people foreclose on their homes: they stash everything in self-storage, but cannot make payments on the unit and as a result, their final possessions get auctioned off — sometimes for only a few dollars.
The auction itself is run almost like a game show: the auctioneer opens the door of a unit and interested bidders must assess in a matter of minutes the value of what’s inside. They are not allowed to touch or enter the unit; they can only do a visual once-over to determine its worth. Some units are filled with personal affects such as photo albums and keepsakes, but some can contain entire living rooms, including couches, chairs, televisions and rugs.
Self-storage operators are seeing another side effect: people are actually trying to live in the units. Dubbed “residential unit,” one self-storage operator said he would see one or two residential units a month, but with the foreclosure crisis, he’s seeing as many as 8 or 10 per month.
Observed something strange lately? You might be able to trace it back to foreclosure.
- Stumble it!
- Categories: Real Estate, Real Estate Oddities, Zillow
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Sell My House on May 16, 2008 10:29 am
This is Sad. I never like to see banks taking someones house, let alone someone then selling the only assesst they own at a small acution for pennies. I just hope in all this foreclosure madness that the home owners were guieded through the best possible action plan for foreclosure. With the growing foreclosure rate come non professional companies that are just out to make a buck. Only time and news will weed these companies out from the professional honest ones.
Julie Ferenzi on May 20, 2008 7:46 pm
I am an agent who works with homeowners in foreclosure. For the ones who seek help, there is usually a very heartbreaking story that led them to their situation. I hate to see anyone face hard times, but unfortunately we live in an “I want it right now!” society, and credit makes that all possible. I think the answer to preventing homeowners from becoming victims to this syndrome is counseling for buyers before they purchase.
Gary Marjani on May 27, 2008 10:44 pm
I am real estate agent in SF bay area for last 10 years. I never seen such dead market for long time. While showing short sale properties to buyers, one can see pain and anguish on owner face. I feel sorry for financially distressed owners. Hope this phase will not last long.
Foreclosed Homes Being Stripped of Innards | Zillow® Blog on July 22, 2008 4:29 pm
[...] As we said before, if you see something weird, it’s probably related to foreclosure. [...]
Unpaid Parking Ticket Leads to Foreclosure | Zillow® Blog on August 5, 2008 9:38 am
[...] moral of this story is to pay your fines, as unpleasant as they may be. And, if you see something weird in real estate, it’s probably related to [...]
Bobcats Move into Foreclosed Home | Zillow® Blog on September 5, 2008 10:23 am
[...] Add it to the list of just another weird foreclosure story. [...]
Foreclosures and Their Trickle-Down Affect | Zillow® Blog on October 10, 2008 8:33 am
[...] doubt that foreclosure touches all of us in very strange ways. We believe that if you see something weird, it’s probably related to foreclosure. Then we heard that foreclosures are affecting business at legal Web site, Avvo, too (disclosure: [...]
Real Estate News - NJ Woman Baking & Selling ‘Mortgage Apple Cakes’ to Stave Off Foreclosure on July 23, 2009 10:47 am
[...] is one of those odd foreclosure stories that will have a nice ending and possibly create a new career for Angela Logan, a Teaneck, NJ woman [...]