Even hookers are affected by foreclosure

I really didn’t realize how bad the housing crisis was until I read a recent piece by Richard Abowitz in the LA Times about foreclosure’s effect on the world’s oldest profession.

Remember the housing boom in Las Vegas when high-rolling investors were gobbling up those desert condos left and right?  Well, apparently many of those speculators were hedging their bets by filling those condos with prostitutes.  No doubt, rent was usually paid “in kind”!

Well, boom goes bust, and now the call girls are forced to hit the street . . . for housing.  With the tenant usually the last to know, the escort can be sent scrambling on very short notice.  Fortunately, the casinos are open 24 hours.

While on its surface, this seems like a rather amusing story, it also highlights an interesting point: tenants of rental properties have rights even after their residence is sold at a foreclosure auction.  The new owners of foreclosed properties must still proceed forward with a formal eviction in court, even though they often employ intimidation to shortcut the process.

Related posts:

1. Foreclosure In California: How Long Does It Take?
2. New Foreclosure Laws Take Effect September 6, 2008!
3. Simple Steps to Take When You Get a Foreclosure Notice