Everything must go...

In a market where record numbers of foreclosures are occurring nationwide, expect to see some truly saddening sights.  This entry is about a distressed home owner, in the Phoenix Metro Area (Maricopa, AZ), who is selling everything inside his home... including all of the appliances, the hot water heater, the sink in the garage, the garage door opener, and even the blinds on the windows... before the bank takes possession of the home.  As more and more of these foreclosures wash out, this kind of activity may become common place; putting evermore financial pressure on the banks who own them.

Below is an excerpt from the posting for this sale from Craigslist:

**You must professionally uninstall all fixtures, and or items. I will not have anyone putting holes in the walls or damaging the existing structure to remove these items. **

Our house is in the foreclosure process, and we won’t be leaving until April 19, 2008. So anything that is of everyday use i.e. the appliances or A/C or the hot water heater will not be removed until after that date. The bank has rejected 6 solid offers that have been made by potential buyers for our home. I have well over $60,000 in upgrades thru out my house; house is less than 1 year old, as is all the appliances and fixtures. Please read the whole Ad.
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My Take

As surprising as this may be to some, I can't help but feel we've seen some of this before.  What's different now is the Internet.  What used to amount to nothing more than a last minute garage sale is now potentially a regional auction.  Also, because of the power of the Internet, it is impossible for the media to deprive the public of awareness of these kinds of activities as a result of pressure by the current administration to suppress panic before the impending election.  Be assured that these types of things will continue to happen for the next few years...

Take a look at the entire Craigslist posting for yourself, here.