Real estate workers who specialize in the sale of foreclosed homes have been in especially good spirits at an industry conference being held in Palm Desert, Calif.
(Source: New York Times)
The celebration started early Saturday, with poolside music and drinks, as partygoers passed around business cards and compared notes on successful techniques for evicting residents who try to stay in bank-owned property, a process they call “cash for keys.”
One woman in a T-shirt walked around with a hand-written sign that read “Bank Property” affixed prominently to her chest.
Welcome to the spring 2009 REOMAC conference, which has attracted nearly 3,000 real estate agents and property managers to this lush desert resort. The crowd brimmed with a gusto that is hard to find in this recessionary era. The hotel bar did more business on Saturday night than it did on New Year’s Eve. Small wonder: These are the people cashing in on the boom in foreclosed properties.
Read Eric Lipton’s full article “As Homeowners Go Bust, It’s Boom Time for Some in Foreclosure Business” in the New York Times (April 5, 2009).