There are reports surfacing up and down the east coast of copper thefts in empty houses. Generally these are the homes that are foreclosures or short sales, or sometimes even relocations, where the owners are long gone and the home has sat vacant for an extended period of time.

The price of copper is sky high and so opportunistic thieves are going in and taking copper pipes out of the walls, copper parts from HVAC systems and any other copper or possible copper in the house. The thieves are worried about being fast, not neat, and beyond the cost of replacing what they've stolen is the cost of repairing the other damage they've done.

If you own a home that's vacant, it would be a good idea to make arrangements with a neighbor or your real estate agent to keep an eye on the place. Lights on timers isn't a bad idea.

If you're buying a home that's been vacant for awhile, don't underestimate the importance of that final walk through. Make sure you look at everything closely and test all systems to make sure they're still in working order. If you're buying a home that's sold in "as is" condition, meaning you're stuck if the home is vandalized, think carefully about what you might need to do to protect yourself. This is a good time to have a discussion with your real estate agent. If you don't fully understand the contract provisions relating to the condition of the home, now's the time to get a fuller understanding of that information.

2008 is likely to continue to provide lots of empty homes for thieves to target. Real estate agents are going to have to start thinking about how to protect their clients, both buyers and sellers, and the properties involved in the transaction.