Solving the foreclosure crisis America is currently facing would be no easy task. It is common knowledge that even our countries greatest minds cannot come up with a solution. However, I think the problem could be solved through better advertising. The public, mainly those who are still employed and pulling in money, could benefit from knowing that houses currently undergoing foreclosure are up for sale for much lower prices than they would usually go for. Those who are still employed, and who plan to be employed throughout the current recession, would more than likely consider upgrading to a bigger home if they knew that right now is the ideal time for them to buy, before there is another peak in marketing.
The economy works in cycles, anyone can tell you that we must learn from our history. Right now we are going through a recession, millions are unemployed. However, this does not mean that the world is ending.
The economy will recover, some financiers even believe we are already in the process of recovery. When a house goes into foreclosure, the bank who provided the loan for that house usually try to sell the house for as little as possible so they do not have to continue to make payments on the house. If the people who are still employed knew about this- as it would not necessarily be considered common
knowledge- they would more than likely step in to buy the house.
America is sold through advertising. If a product is put in our face in an attractive way, regardless of what that product is, we want to buy it. There really is no solution to people who can no longer afford their houses. No new jobs are coming about, and houses simply cost money. There really is no way around people who do not have the money to pay thei...
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...re. We cannot generate new money, unfortunately, for those who do not have it. House payments can only be made so cheap, and people who are unemployed can only stretch their dollars so thin.
Because of this, we must find the solution to the houses that sit empty, while banks and loaners shell out payments for them. The solution to those houses sitting empty while being paid for is to enlighten the public on how much cheaper it actually is to buy a house today, compared to before the economy tanked and after it picks back up. Time to buy foreclosed houses is limited, it is only inevitable that the economy will soon improve. If houses are bought now, while they are cheap, thousands of dollars can be saved. If the public was aware of this, particularly if it were advertised more widely and attractively, the foreclosure problem would certainly be greatly improved.
...tions may not immediately and completely end our current foreclosure problem. Hopefully, it will be the beginning of a solution to the on-going problem of borrowing money, attacking the core of where I think the problem really lies. Americans have always been known for their resiliency. If only patience can be developed as well in this time of economic crisis that could very well lead to a long term solution. By acquiring property that is paid off, they will be able to relieve themselves from future pains. Because most Americans cannot help the economic state, they can help themselves by preparing for the future and whatever it may bring.
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.
“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.