New Orleans: Foreclosures a Growing Part of the Real Estate Market

When banks send real estate agent Dana Bonnette to figure out what to do with the homes that they’ve won at foreclosure auction, sometimes she finds homes that were never gutted after they flooded in Hurricane Katrina. Other times, the homeowner appears to have run out of rebuilding money, as evidenced by a palette of tile in the kitchen waiting to be installed.

In still other instances, the homeowners have walked away from a home filled with Chinese drywall. In many cases, illness, job loss, divorce or death brought about financial ruin.

More often than Bonnette would like, the home is still occupied when she knocks on the door. Tenants have no idea their landlord was facing foreclosure. Homeowners are paralyzed about their next step. In those cases, she just listens.

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