The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: James Hutton who wrote (186484)	2/25/2009 1:35:07 PM
From: patron_anejo_por_favor	Read Replies (2) of 306849

A modest proposal for handling housing oversupply and foreclosures: 1) NO cramdowns, no government subsides for mortgage payments (above all the other subsidies homeowners currently receive/abuse, particularly the cap gains deduction). 2) All government owned foreclosure units immediately converted to rental, pulled from auctions and listings. To be administered by local property managers. 3) Foreclosed homeowners get a $100/mo subsidy if they rent a goverrental foreclosure unit. Including their own if they are foreclosed on in the next 24 months. 4) Some supply of "existing home stock" is removed from the market, helping housing prices (a little). 5) Additional rental units come on the market helping renters (including those who did not engage in the homebuying orgy and deserve a break). 6) Other homeowners are helped by having homes occupied instead of vacant. And the deterioration of the vacant homes is reduced thus ameliorating the destructive cycle of foreclosure/vacancy. The only group that gets jammed here are the current landlords. Oh well, for the greater good.....<G>

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