Housing bust is boom for ‘board-up’ specialists

Contractors keep lid on blight, help lenders manage repossessed homes

By Jane Hodges
MSNBC contributor
updated 10:39 a.m. ET, Tues., Sept. 9, 2008
Jason Norton, a 27-year old contractor in the San Francisco Bay area, knows how to handle sophisticated remodeling projects. But these days, instead of installing granite countertops or spalike master bathrooms, he handles the lowest common denominator of contracting work: boarding up windows with plywood, hauling junk to the dump and visiting color-matching scanners at Home Depot and Lowe’s to identify which exterior color will best cover up graffiti.

Norton works for homeowners, but his clients aren’t the usual folks: They’re lenders and banks who have repossessed properties through foreclosure proceedings. With the credit markets in turmoil, home prices falling and foreclosures on the rise, the number of lender-owned homes is soaring.

Banks and lenders are in the business of making loans rather than managing property, so many have little or no staff to oversee the homes’ upkeep. Yet with foreclosures mounting, they have more property than ever before to manage. That’s why “board-up” guys like Norton have no lack of work.

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