Let's Get Out of this Housing Crisis Now!
I stumbled upon an article today by Tycoon Report proposing 4 ideas to fix the housing mess. In it they bring up 4 ideas they think might help to fix the housing mess we are in. I certainly agree that what we are currently doing is not working very well and different ideas need to be explored. I particularly liked the first three proposals and think they would help: Let people who can prove they have lost their income postpone their payments for up to a year while they search for employment, hold online auctions for all properties needing to be sold as short sales, and using federal grants to help cities hire construction people to rehab the foreclosure properties. I really think the online short sale auction would get the bank the highest price they are likely to receive in today's market which would therefore stop the foreclosures and stabilize property values. Banks aren't working with the short sales thinking they can get more after foreclosure and buyers aren't willing to deal with the hassle of the short sale process and often think they can buy for less once the home is in foreclosure. Foreclosures are helping no one!! The fourth proposal while it might work, sounds like chaos. The article is thought provoking and worth the read. Find it here: http://www.istockanalyst.com/article/viewarticle/articleid/3900072