Some Homeowners In Foreclosure Loot Fixtures, Improvements Before Walking Away

Phoenix Business Journal reports:

• Some homeowners facing foreclosure are selling everything they can in their houses before the bank comes calling -- even the kitchen sink. Distressed, cash-starved homeowners are hawking everything from cabinets, kitchen and bathroom fixtures, and hardwood flooring to pool pumps, air conditioning units and water heaters before they lose their houses to foreclosure.

• Dozens of ads for such sales are posted on Internet classifieds such as Craigs­list. One ad from Goodyear offers 1,600 square feet of hardwood flooring for $500 and cherry cabinets for $10,000. Other ads ask $5,000 for maple cabinets that the seller says are worth $14,000, and $225 for a water heater.

Source: Pre-foreclosure homes gutted by owners seeking cash.