Foreclosures Skyrocket

'We Buy Houses' SignI’d wondered to what to attribute the “We Buy Houses” signs all around the county, planted illegally in the right of way. (The sign at right was planted by DMT Properties, one of dozens that literally litter the landscape.) They’re a scam, of course, but Commonwealth Attorney Jim Camblos has apparently chosen to turn a blind eye. Turns out there’s a reason for the flourishing signs, as Brian McNeill points out: rising adjustable mortgage rates mean that people’s homes are being foreclosed on as they fall behind on their payments. The purpose of the signs is to prey on these desperate souls, offering them false hope at a chance to escape foreclosure.

Foreclosure notes in the paper during the first quarter of this year are up 27% from the same period last year. The Piedmont Housing Alliance says they simply can’t keep up with homeowners seeking help, which has increased by five-fold since this time last year. Subprime lenders have provided mortgages to people who simply can’t afford them, and now the industry is collapsing.

I’m mystified that no local media outlet has done a story about DMT Properties and their ilk. The business is a scam, their method of promotion is unsightly and blatantly illegal, and yet nobody says boo. What gives?

05/29 Update: DMT Properties responds.

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