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This is why thieves took my colleagues Corolla hybrid silencer, believing it was the cat. The previous Auris model, had the cat in an exposed location so fast removal was possible. The Corolla cat is now nearer the manifold and positioned vertically in front of the engine, so pretty much impossible to remove from underneath.
efb
Yes it is a common occurrence but it is restricted to certain makes and types of cars. I see a lot of Prius and Jazz because they are common cars with the right type of catalyst and easier access. Hybrids are commonly targetted. Thieves can find one easily, chop it out and get the best yield of precious metals to sell on. Newer cats are less profitable.