Real Estate's Hot Specialists - Wall Street Journal - Apr 8, 2008
Joseph Iuliucci, a Las Vegas foreclosure specialist at Prudential Americana Group, has never been busier. He has more than 500 listings and was among the top 10 home sellers nationwide for the Prudential Real Estate franchise chain last year. Mr. Iuliucci needs a staff of 22 agents and assistants to stay on top of things.
Data from First American CoreLogic, a research firm based in Santa Ana, Calif., show that lender-owned homes account for roughly one out of nine homes listed for sale. In some places, sales of lender-owned homes or ones threatened with foreclosure are dominating local markets. Foreclosure-related transactions accounted for 52% of all sales in the Las Vegas area in March, according to the Greater Las Vegas Association of Realtors.
Once a month or so, Prudential's Mr. Iuliucci takes prospective buyers on bus tours of foreclosure hot spots, such as a cul de sac where five of seven houses are lender-owned. Such tours are becoming common across the country