Foreclosure Filings A Handy Tool For Job Site Thieves In Identifying Easy Targets

A recent story in The New York Times on the increase in thefts at construction sites included this blurb on the use of foreclosure notices by some thieves in locating targets:

• “Builders in Chapter 11 and lenders foreclosing on properties still under construction aren’t as diligent about security,” said Mark Ouimette, managing director at Beecher Carlson, an insurance company based in Atlanta that underwrites policies for homebuilders. Indeed, police officials from Tucson to Miami report that thieves often peruse foreclosure filings to find idle and unsupervised projects. Insurers like Beecher Carlson said that theft has forced them to increase homebuilders’ insurance rates by 10 percent to 15 percent in the last two years.

For the story, see Boom Times for Job Site Thieves.