Foreclosures are rising again, according to a recent report by Realty Trak. Unemployment is skyrocketing, jobs are shrinking, and many businesses are closing their doors across the country. Learn how not all businesses are struggling in this economy. Some niche businesses are actually growing and expanding very rapidly. One of these fast growing businesses is a very unique business called the Foreclosure Cleanup or Property Preservation Business. First Oprah talked about the Foreclosure Cleanup Business, then 20/20, and now you can literally hear about people starting Foreclosure Cleaning businesses all over the nation. With over 3 Million homes expected to foreclose on this year alone, this dirty business is turning into a booming goldmine for many. According to new reports released by Realty Trak, they wrote "No Relief from Foreclosure Heat in August", this updated article states that Nevada, California, Florida, Michigan, Arizona, and Illinois still posted extremely high foreclosure rates and these 6 states account for almost 60 % of the foreclosures nationwide. A total of 358,471 U.S. properties received foreclosure filings during the month of August alone, a decrease of less than 1 percent from the previous month but still an increase of nearly 18 percent from August 2008. What does this mean? It means that the dire need for Foreclosure cleaning business vendors will surge and each and every one of these homes will need to be cleaned out (a trashout as the banks call it), lawn maintenance services, carpet cleaning, locks changed and more. This is where the Foreclosure cleanup-Property Preservation vendors come in. Once a home has foreclosed on, the banks and REO Asset Management companies send in these vendors to clean, repair, and maintain their forecloure homes for future resale. These foreclosure cleaning businesses are struggling to keep up with the onslaught of workloads and on average they are cleaning 8-12 homes per day, 7 days a week and the work keeps just coming. And now with the additional foreclosures coming down the line, there is a shortage of vendors to perform these Property Preservation services for the banks. In California alone, over 38,000 homes entered the Notice of Default stage, this is considered a pre-foreclosure, but it gives us a good idea of what is coming down the line in terms of future potential foreclosures. Property Preservation vendors are needed across this country to bring these homes back to their former condition so the banks can attempt to resell them quickly. Banks have to get these properties cleaned out, relisted, and sold in a timely manner as the longer they carry these defaulted properties on their books, the banks will continue to lose thousands of dollars. Foreclosures are primed to be here for quite some time. According to Realty Trak foreclosures are expected to remain high until well into the 3rd quarter of 2012.
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