A Solution to Foreclosure

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A Solution to Foreclosure

The current issue of home foreclosure is based off of a long series of bad loans to people who were not able pay those debts off. Based on nightly news reports over the past year, it appears that the majority of these foreclosures are on very modest homes. My solution to this problem is to invest in those homes using green technology.

President Obama has been a strong proponent of weatherizing homes. Simple additions such as a rubber strip under the front door and a sealant around windows can lower air conditioning and heating costs tremendously. These things are cheap and easy to buy, and can reduce homeowner’s electric bills. In the state of Florida in 2006, only 1,315 households were reported to be receiving weatherization assistance (http://www.energy.gov/). This number is so miniscule that it is almost humiliating. Residents crank up their air conditioners in the summertime; most of that energy goes out the door before it can cool down the home. If homeowners were given the financial support they need to weatherize their homes, they could save hundreds of dollars on their electric bill. Those savings can be diverted to paying off home loans.

Along with weatherizing homes, the addition of solar panels on the roofs of houses can also lead to reduced electric costs. Again looking at the state of Florida, solar panels are underutilized. I live in Jacksonville, Florida, which has one of the largest foreclosure rates in the country. In my neighborhood, only one house has solar panels on their roof out of nearly a hundred homes. In fact it is the only home I know that uses solar panels, and even they are underutilizing the system. Currently many states provide rebates for homes th...

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...has been discussed at roundtables for years. So long as it has the funding, I believe this program will be effective in reducing foreclosure. This suggestion is not in any way foolproof, and may only help to decrease the rate of foreclosure by a small margin. However, if a hardworking American was about to lose his or her home, they would want to try anything in order to hold on to their property.

References:

U.S. Department of Energy. Florid Weatherization and Low-Income Energy Programs. http://apps1.eere.energy.gov/weatherization/state_activities_detail.cfm/state_abbr=fl, updated April 8, 2009, accessed December 30, 2009.

Florida Solar Rebate (2009). Florida Solar Rebate. http://www.floridasolarrebate.com/, accessed December 30, 2009.

Dictionary.com. Equity. http://dictionary.reference.com/browse/equity, accessed December 30, 2009.

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