As you can see, I’m in Las Vegas, at a real estate convention. Looking past the glitzy buildings I can see miles and miles of houses.
Maybe you’ve read about what happened to the real estate market here a few years ago. Lots and lots of folks lost their homes to foreclosure. What a scary time for them. What happened to the houses? It turns out, a lot of them are still sitting there empty. Meanwhile, large companies are building new houses like crazy. I could see many new neighborhoods being carved out of the desert as our plane descended.
When the banks finally decide to sell those empty homes, there’s a good chance the market will be glutted, which doesn’t sound like a great idea to me.
It sure would be better if folks like our Hermit Haus team had been able to buy these houses from the homeowners before foreclosure. The sellers would have perhaps been able to come away from the deal with some money in their pockets; at the very least the foreclosure would not have been on their financial record. And the houses would not have had to sit and deteriorate for years. Instead, they could have been refreshed and sold to new owners, keeping the neighborhood alive and the house in good repair.