Solving the Foreclosure Crisis

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The focus of this paper is to provide a plan for the increase of foreclosed properties. A realtor is one of the most profitable markets to be employed in. Everyone at some point in their live would like to be a homeowner. Many realtors tried to make homeowner dreams a reality. Other realtors are looking at the profits. The more houses a realtor sells the better their commission is. The realtors never thought that foreclosure would become a problem if they sold houses to people that really couldn’t afford them, with loan amounts that were twice the revenue brought into the household. Some of the homeowners may have lost their job due to the declining economy. Some of these families have owned their homes for ten years are more. These families deserve some help from government agencies to assist them with maintaining their home after being laid off. If homeowners have enough equity in the home to refinance, there should be a way to process the loans without the homeowners having a job and keep the families in their home.

The present-day housing crisis that our country is faced with is not good. Most major cities are building properties when we do not have takers for the ones already built. The real estate market has crashed right before our eyes and has yet to return to a stable state. Although this is the best time to purchase a home due to low interest rates, great prices and deals, it’s still too uncertain in the job market to make that purchase.

The solution to this problem is to sell them to the government. The government system is the only system that is doing business that is not for the sole purpose of making a profit, which puts them at a disadvantage. I live in the city of Atlanta where we had what was called a publi...

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... need minor things done like replaced carpets or painting. Volunteers will be willing to help make some of these homes a great place to live and even do landscaping and plant trees. This will increase property value and the neighborhoods that these foreclosed properties are in will have increase in value.

I have stated ways to decrease the foreclosure crisis and help families, who would love to be homeowners, and qualify for a mortgage loan. As stated, the homes will be owned by the government. This program would be called the Section 8 Government Ownership Program. The other program will be offered through the non-profit group called Habit for Humanity. These programs will decrease the forecloses rate, stabilize the housing market, offer affordable housing to families in need, and most importantly give the banks some stability to start lending for other projects.
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