Foreclosure signs increasingly stolen in area

By: | Richmond Times Dispatch
Published: December 09, 2009

Foreclosure signs are often stolen.

Brian Liggan of Virginia Capital Realty in Richmond says the stolen signs are a growing business expense -- and a sign of the times.

"We probably lose 20 signs a month," he said.

At $60 a pop, that's $1,200 a month -- $14,400 a year.

Liggan said he has no way of knowing why the signs are stolen. Some may be the work of juveniles, who put the signs in other people's yards as a prank, he said.

Or neighbors, fearing that a foreclosure in their neighborhood could harm property values, might be inclined to dispose of the signs.

Other real estate companies say they are not experiencing a similar problem. Then again, Virginia Capital is the only local one specializing in foreclosure sales.

"I have surveyed my management team and no signs have been reported as stolen," said Scott Shaheen, regional manager for Long & Foster in Richmond. "We do not put foreclosure riders on our signs typically."

Some deed holders want foreclosure riders on for-sale signs, Liggan said. Others do not.

"A community group might be afraid of a neighborhood being stigmatized, but in reality foreclosure signs help turn properties quicker," he said.

Foreclosure signs often bring in twice the number of calls from potential buyers looking for good deals, he said.

Stealing a sign is considered a petit larceny, a misdemeanor offense punishable with up to 12 months in jail or a fine of up to $2,500.

One foreclosure sign wound up in a display at the Valentine Richmond History Center: "Waste Not, Want Not: Richmond's Depression," comparing this recession to the depression that hit in 1929. Liggan said he agreed to donate it.

The sign is an indicator of the current economic climate, said Bill Martin, director of the Valentine. The burst in the housing bubble is largely to blame for the current financial crisis.

It is among memorabilia from now-defunct Richmond-based companies Circuit City Stores Inc. and S&K Menswear. The electronics retailer and men's apparel chain liquidated their stores this year.

Foreclosures, meantime, continue to rise.

-- Carol Hazard