REALTOR® Magazine-Daily News-Builders Stay Busy by Fixing Up Foreclosures

REALTOR® Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Search REALTORMag...

OR FOCUS YOUR SEARCH

NEWS & COMMENTARY

Inside For Brokers

Connect

Social Networking

Follow, fan, or friend us online.

Your Magazine

Magnifying your voice and celebrating your accomplishments

CURRENT ISSUE

PAST ISSUES

Daily Real Estate News | June 1, 2009 | Builders Stay Busy by Fixing Up Foreclosures
Some builders whose businesses are down have been partnering with banks to help them fix up foreclosures and sell them.

Chicago’s Lakewood Home’s Executive Vice President Chris Shaxted says, “It’s kind of busy work … but that’s what’s selling and it’s a good way to keep our guys employed and busy.”

Lakewood pitches its services by pointing out that getting homes on the market in reasonable condition and priced to sell is key to unloading them. "These days price means a lot on the sales side," Shaxted says.

And clearing out inventory is what it will take to get builders back in the game. "Until we get the jobs situation under control and we get this foreclosure situation under control, it's going to be a long road," Shaxted says.

Source: Chicago Tribune, Mary Ellen Podmolik (05/29/2009)