Home Foreclosures Create Online Cottage Industry
STEVE INSKEEP, host:
Okay. The rising home foreclosure rate is not a good sign for the economy but it has created its own bustling industry, which is the topic of today's last word in business.
Keep in mind that some people make money when other people lose it. Type in foreclosed homes into Google and you will get almost two million listings, ads for renovation crews and legal support and a site called Shortsalemagic.com, where a roofer named Tom Butler promises to make you a millionaire just like him. His secret, quote-unquote, which he reveals in detail on his Web site, is to buy out second mortgages before the homeowner has to foreclose. He claims - he claims - this earns him a 4,000 percent return on his investment.