Skip to Content

Autoblog reviews all the hottest cars

Recession watch: Repo Men are reaping benefits

More
Text SizeAAA

Filed under: Debt, Home, Recession

This post is part of a series about real-life signs we're in a recession.

I've had a couple close calls over the years, but happily, I've never had the experience of having anything repossessed. But if anyone reading this has had something hauled away, if it makes you feel any better, you're obviously not alone.

In this almost-but-not-quite recession, repo men have some enviable careers. Newspapers around the country have been publishing stories about local repo men raking in the bucks, taking away mostly vehicles, from cars to campers, and motorcycles to motor boats. According to KHOU, a Houston TV news station, 1.5 million vehicles were repossessed last year, a 15-percent increase from 2006. 2008 is expected to jump 10 percent from 2007.

But you can't really blame the repo men. They didn't create the current economic conditions, and they are just doing their job, and while I'm sure they're glad to be making extra money (who wouldn't want that?), I doubt these guys are getting their kicks off another person's misery. Besides, somebody's gotta do it.But what is a little creepy is what Cesar Dias, a California real estate agent, is doing, no offense meant to the guy. Obviously, he's a capitalist, and that's great, but it's not like his money-making venture was something the world was clamoring for. In any case... every Saturday, from 11:30 a.m. to 1:30 p.m., he takes three sold-out full-sized buses of interested buyers on a tour of all the repossessed homes in and around Stockton, California.

Meanwhile, Dias has been consulting other real estate agents at $5,000 a pop, so they can make an informed decision whether they should rent or buy a bus and get listed on his Web site, RepoHomeTour.com.

But it seems like it would have to be one of the saddest bus rides and money-making ventures going, if you really consider it. Owning a home is supposed to be the American dream. The people on the bus will be easier able to fulfill their American dreams because a lot of others failed to make their own come true.

Geoff Williams is a business journalist and the author of C.C. Pyle's Amazing Foot Race: The True Story of the 1928 Coast-to-Coast Run Across America (Rodale).
Subscribe to Walletpop

Reader Comments (Page 1 of 1)

Ensuring a Safe Manicure and Pedicure
Millions of women (and a few men) visit nail salons regularly to have their nails done. ...
Lalique and Haviland Open Flagship Boutique
Two of the most prestigious brands in the luxury industry have joined forces to open a flagship ...

Megan Angelo
Megan Angelo Filed under: Shopping

Your own personal shopper -- free -- at J. Crew

The phrase "personal shopper" inherently has a certain air of snobbery about it, calling to mind that wealthy aunt who always bought the best Christmas gifts but whose over-the-top get-ups elicited ...
Julia Scott
Julia Scott Filed under: Bargains, Saving Money, Bargain Babe

Lots more coupons coming to WalletPop!

I'm a new blogger at Wallet Pop and my name is Julia. My goal is to post the best coupons for all the everyday stuff you buy, like groceries, clothes, and meals out. The little stuff ads up, after ...
Julia Scott
Julia Scott Filed under: Bargain Babe

Free diapers for an entire year

Sign up to receive emails and news from Pampers.com and you could win an ENTIRE YEAR of free diapers. That means your bundle of joy just got a lot cheaper. Why join Pampers? You'll get rewards ...
Laura Heller
Laura Heller Filed under: Shopping, Technology

DVD wars come to online retailers

First books, now movies, the price wars between the biggest retailers just keep getting hotter. Walmart, Target and Amazon are all slashing pre-order pricing on some hot new releases like "Harry ...

Headlines from WalletPop Partners