In the off chance that you are reading this from overseas, in the military, hiding under a rock, exceedingly wealthy and don’t care, or simply renting and indifferent – you are most likely aware that the nationwide real estate market has been falling and failing for almost 5 years. The economic downturn, high unemployment rates and a weak job market are all factors that have affected the housing market. In contradiction, jobs and opportunities are being created in the wake of the foreclosure boom as foreclosed homes typically require construction crews and potentially several construction dumpsters to handle the cleanup and renovation efforts.
While some experts believe the market is beginning to turn, it may be despite the fact that people that have been clinging to properties and struggling to keep up with mortgage payments are beginning to lose their fights, which has led to higher than ever foreclosure rates.
The initial market downturn occurred first in major metropolis areas due to the already high property values, but the trend has now reached the suburban areas and beyond as we see the effects of high foreclosure rates. We are seeing this exact scenario playing out in Boston, as the city was affected and was quickly followed by the Gateway Municipalities. Now the suburban areas have increased from 1% to 3% foreclosure rates in the past year alone. These foreclosures represent hardships to the owners, but an area of opportunity for banks, investors and cleanup/renovation contractors.
The latter represents a segment of thriving business that provides both opportunity and endless growth given the staggering number of those unable to keep their homes. Once a house is foreclosed upon, it is typically in need of a multitude of services, ranging from trashing and cleaning out the contents of the house, renovations for resale and/or new owners, or even complete demolition and rebuilding. Regardless of the work being done, the consistent theme is the need for roll off dumpsters to dispose of the debris. Whether the properties are accumulating household debris (such as furniture and trash), demolition debris or a combination of both, there has been a recent spike in roll off dumpster rental in the Boston area that seems to mirror the increase in foreclosure rates.