Thursday, May 22, 2008

The Foreclosures bus

NEW YORK (Reuters) - As foreclosed properties stack up in up-market areas of Long Island, New York, one company is capitalizing by taking potential buyers around the empty homes.

Foreclosure tours have sprung up around the United States as more overextended borrowers fail to make monthly payments.

U.S. home foreclosure filings jumped 23 percent in the first quarter from the prior quarter, according to real estate data firm RealtyTrac.

One way to sell properties is to make life easier for potential buyers by ferrying them around in a tour bus. That's hard for people who had properties foreclosed, David Farrell, director of tourism of the Long Island Foreclosure Tours told Reuters TV, but banks need to get the assets off their books.

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