The current real estate crisis that America finds itself in is one of the greatest challenges America has ever faced. America’s troubles are further compounded by increasing unemployment of American citizens and environmental problems like global warming. Solving any one of these problems would be a Herculean task, yet they must each be addressed in order to protect American families from disaster. However, it is possible to find a solution to the problems of the real estate crisis that can also be used to improve the problems of the unemployment and environmental destruction. The first part of the solution involves the United States government purchasing the homes that have been foreclosed and using them to offer temporary housing to homeless families. The second part involves the employment of local labor and construction crews to improve the quality of these houses so that they can be more desirable to home buyers and less destructive towards the environment. This will help to ease problems involving the real estate crisis, unemployment, and the difficulties presented by pollution and energy waste.
Every foreclosed home that is boarded up and abandoned represents a loss in the American dream. This loss is also felt by the people around the foreclosed home. The neighbors of foreclosed homes who are able to keep up with their mortgage payments must stand by helplessly as their own property values lower. Empty houses also become havens for drug addicts and other illicit activities that further bring down the neighbors’ property values. The quality of life in the local area quickly deteriorates. The difficulties that come with foreclosure can be remedied by the federal government purchasing the foreclosed homes that ha...
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...st of utilities in the home to 50% with these and more installations. These fixtures can help to reduce the cost of living in the home. Magavi paid for the training of the plasterers from Agape Plastering to go to New Hampshire to learn how to use a new type of eco-friendly plaster for the home. The new training that the construction workers learned and developed while working on the house allows them to expand their own business ventures. If the federal and state governments were to hire and train people to enhance the foreclosed homes, millions of jobs could be created.
Direct investment by the government into foreclosed homes would be the best solution to ending the real estate crisis. The federal government has the opportunity to use this dilemma as an opportunity to help solve problems of home foreclosures, unemployment, and environmental destruction.
Leonard, T., & Murdoch, J. C. (2009). The neighborhood effects of foreclosure. Journal of Geographical Systems, 11(4), 317-332. doi:10.1007/s10109-009-0088-6
In existence is $150,000, specifically set aside for the purchase of distressed real estate. This essay will outline a detailed strategy ensuring a maximum return in regard to the financial investment made on the home. Including a description of distressed real estate and foreclosure in addition to how utility can play a role in the decision-making process.
For those of us with warm roofs over our heads and groceries on the table the problem of affordable housing does not often surface. But for low-income families, where half the income can disappear simply trying to keep the family sheltered in an acceptable home, the problem is a daily one. President of the BRIDGE Housing Corporation Donald Terner and columnist Brad Terner argue that affordable housing is a problem that should involve everyone. From your local supermarket clerk to your child’s science teacher, the problem of affordable housing can affect us all.
In essence, the problem leading to the foreclosure crisis is the recent decrease in people’s ability to make their loan payments due to job loss and lower wages brought on by the economy’s weak state. Rather than throw billions of dollars at big banks in the hope that they find ways to help the homeowners’ loans, the government should attack the problem through the individual. Simply, the government aid being spent in the hopes of stimulating the economy should be funneled toward reducing the balance of home loans to make the monthly payments affordable for the owner. By funneling the government aid directly to the American home owner in need, the economy would greatly benefit as homeowners regain their footing with their budget because the economy and foreclosure are directly related. When one hurts, so does the other; when one prospers, the other does as we...
Therefore, the supply of housing that is affordable and accessible to low income people should be increased. Plus assistance that allows people to reach adequate stability should be regarded as a good investment in a productive society, in order to attain our objective. First we could start by introducing more productive assistance programs that actually focus on helping those in need of housing assistance. These programs will analyze how long people are homeless, what are their needs, the causes of homelessness, and in all how many are currently without a home. Subsequently, the City of Austin would begin building affordable housing according to the amount necessary.
The housing boom created an illusion of ever increasing home equity. It was difficult to walk away from potential homes that seemed good on the surface, but in reality were either money pits or less than desirable. For the uninitiated, making sense out of the chaos when things start to go wrong is an emotional process that lends itself to the gradual disposal of the rose-colored glasses. The upkeep and maintenance that homeownership requires of the inexperienced homeowner, particularly an older home, is comparable to taking on a new entry-level job with diminishing returns. There is a prevailing chaos amid the turmoil of a broken water pipe during a holiday weekend.
This will cause lower income residents to move out of their homes. It is also stated that the action of restoring damaged property would be a positive because it attracts those who can afford the newly renovated homes. This also includes the physical rehabilitation of certain neighborhoods that are in poor conditions. Once these neighborhoods are renovated this will invite those who choose to invest in this area and new businesses will open. However, the negative would be that lower income residents will still be forced to move out because rent prices would increase due to the new demand.(Atikinson, 2004, p.
Efforts to confront this issue were initiated by affects of World War II. Before the war, the Great Depression devastated the United States of America causing production of homes to stop. World War II soon followed and the country switched into productions for war, which also caused a halt i...
Local authorities given financial assistance and access to building materials (which were in low supply at the end of the War) to build 1.25 million new permanent homes
In President Reagan's own words, homelessness is one problem that we have had, even in the best of times (Reagan). However, economic experts are all in consensus that this is the worse era for the housing market. One...
Foreclosure in America has been a rising and prominent problem recently, and has destroyed many Americans hopes and dreams. Over 2.3 million homes were foreclosed in 2008, and an estimated four million homes will be foreclosed by the end of this year. Despite the efforts of many banks and lending companies, over half of homes will foreclose that have received their help. I believe that we have only started in the right direction in solving the foreclosure crisis. Giving money and lowering mortgage rates will help, but I believe we should find out why Americans are in this situation in the first place. We are being too stereotypical when we think the only reason someone is foreclosing is because of irresponsible payments or buying a home out of a person’s capabilities to pay for it. If we understand their situation, we will be better enabled to help and solve their crisis.
I will discuss the solutions as primary and secondary preventive strategies. First, the stable families with the layoffs, low wages, and unemployment benefit exhaustion, will have an assessment to make sure the situation has not escalated to other problems such as abuse. Next, I think the eligible families should have an opportunity to own their own homes. A nonprofit organization founded by Christians called Habitat for Humanity International. Their goal is to eliminate homelessness and poverty homelessness nationwide by building houses with the help of the...
“One out of every two hundred homes will be foreclosed every month, making 205,000 new families enter into foreclosure,” Mortgage Bankers Association. The housing industry in the United States is undergoing an unfortunate crisis. There are way too many homes being foreclosed, which cause a ripple of problems.
Affordable housing in the United States describes sheltering units with well-adjusted housing costs for those living on an average, median income. The phrase usually implies to applied rental or purchaser housing within the financial means of lower-income ranges specific to the demographics of any given area. However, affordable housing does not include those living in social housing owned by government and non-profit organizations. More specifically, the targeted range for housing affordability sets below 30 percent of a household's annual income, including all applicable taxes, utility costs and home owners insurance rates. If the mean income per household breaches the 30 percent mark, then the agreed status becomes labeled as "unaffordable" by most recognizable financial institutions.
how to make their house strong again. With this step you work with the client to show