Essay on Proposed Plan for Resolving the Housing Crisis in America

Essay on Proposed Plan for Resolving the Housing Crisis in America

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The United States’ foreclosure and housing market problems have been well-documented in recent years. This issue has only been heightened by the 2009 economic downturn. Can the sky-rocketing foreclosure market truly be blamed on the recession, however? Can the issue be pinned down on the masses of people who have lost their occupations? Surely many of the cases can be traced back to these harsh conditions, but many more, most likely, can be attributed to something else. Foreclosures are not a new phenomenon and have been a part of American society for years. So, in order to determine a plan for how best to reduce the number of American families losing their homes, it seems best to look backwards rather than simply at the present.
The crisis facing our nation cannot be solved by short-term thinking, nor can the housing issue be resolved by a determination to spend more money to hope for a better market with lower prices. Ensuring that interest rates stay low does not in any way ensure that foreclosures will decrease; neither does it dictate that they stay the same or even rise higher. A low interest rate is a wonderful feather in the hat of the prospective buyer at present, but it will do nothing for them in the future if they have little or no money in reserve to fall back upon when a financial crisis, be it large or small, invariably wanders into their lives. One broken water heater or an unexpected flat tire can be enough to make many families one payment late on their mortgage, and even falling behind on just that one payment can become very difficult from which to recover. The issue of the foreclosure does not hinge on loan forgiveness or loan assistance, rather, it hinges upon a family making firm, stable financial decisio...

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...f saving more than they currently do, and this applies regardless of socioeconomic status. Fiscal responsibility may take several generations to truly take hold, but once it does, it will resonate beyond mere salary lines, and when applied individually, personal gains will result. A foreclosure or market crisis may never be completely avoidable, but the issue can be addressed through reasonable short and long-term solutions. These measures will require accountability and resolve on the part of those who require them, but the reward will be great. The American Dream may be splintered, but it has not yet been deferred. A house to live in, to raise a family, and to one day own is still a tug within the hearts of many in the United States, and with the appropriate training, education, and ethical and financial responsibility, this dream can yet be a reality for many.

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