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The Fed and the government have thrown everything they can at the deflated housing market. Record low mortgage rates, tax write offs and all kinds of gifts and gimmicks. So far nothing has worked to reinflate the housing market. So now it appears they are going to "supply side" solutions and the government is going to spend billions of tax dollars to buy and tear down millions of empty houses to take excess supply off the market. While some of these homes are for sure in bad shape, many of them could be saved if a person or a family was to earn "sweat equity" in them. Why not just give them to a family that would sign an agreement to completely repair the home and occupy it for a minimum of 5 years before selling or renting it? That would cost us nothing and put a home back on the tax rolls and house a family that otherwise might not be able to afford a home if they had to pay a big mortgage plus all the repair and maintenance cost. Without the expense of a mortgage there are many families that could afford to do the repairs needed to bring the house up to proper condition. Then you don't have empty lots all over town. It is a win, win, win. And it does not cost the rest of us anything. Lawmakers Seek to Fund Teardowns With Gov
The Fed and the government have thrown everything they can at the deflated housing market. Record low mortgage rates, tax write offs and all kinds of gifts and gimmicks. So far nothing has worked to reinflate the housing market. So now it appears they are going to "supply side" solutions and the government is going to spend billions of tax dollars to buy and tear down millions of empty houses to take excess supply off the market. While some of these homes are for sure in bad shape, many of them could be saved if a person or a family was to earn "sweat equity" in them. Why not just give them to a family that would sign an agreement to completely repair the home and occupy it for a minimum of 5 years before selling or renting it? That would cost us nothing and put a home back on the tax rolls and house a family that otherwise might not be able to afford a home if they had to pay a big mortgage plus all the repair and maintenance cost. Without the expense of a mortgage there are many families that could afford to do the repairs needed to bring the house up to proper condition. Then you don't have empty lots all over town. It is a win, win, win. And it does not cost the rest of us anything. Lawmakers Seek to Fund Teardowns With Gov
Maybe they should pray for tornados, it's much cheaper.
The article says the homes are "beyond repair". I don't think giving them aways is win/win. I think tearing them down and using the land for other purposes is probably the way to go.
If people are giving away houses, can I have one so that I can flip... see the problem now? Suppose you put an amendment so that you can't sell the house in five years... family moves in and finds a job in another state, what do they do with the house? Rent it out? Can I buy a house and instead of flipping it, rent it out as well? There aren't any easy solutions and leaving houses there as a blight isn't a solution either which tends to fill up squatters or worse... then there are the other city financial side as well, it cost money to run water, electricity, gas, trash, whatever to that house... would you want to run it to a neighborhood where only one person lives in that house which means you have to supply the whole empty neighborhood with city utilities and upkeep...
The Fed and the government have thrown everything they can at the deflated housing market. Record low mortgage rates, tax write offs and all kinds of gifts and gimmicks. So far nothing has worked to reinflate the housing market. So now it appears they are going to "supply side" solutions and the government is going to spend billions of tax dollars to buy and tear down millions of empty houses to take excess supply off the market. While some of these homes are for sure in bad shape, many of them could be saved if a person or a family was to earn "sweat equity" in them. Why not just give them to a family that would sign an agreement to completely repair the home and occupy it for a minimum of 5 years before selling or renting it? That would cost us nothing and put a home back on the tax rolls and house a family that otherwise might not be able to afford a home if they had to pay a big mortgage plus all the repair and maintenance cost. Without the expense of a mortgage there are many families that could afford to do the repairs needed to bring the house up to proper condition. Then you don't have empty lots all over town. It is a win, win, win. And it does not cost the rest of us anything. Lawmakers Seek to Fund Teardowns With Gov
Instead of wrecking and in the dumpster, the wood can be resold & reused for many things. Especially old hardwoods, used in many old homes. Some homes have Oak studs. Even old Mahogany and teak can be found in old homes.
At the beginning of the article, it indicates that Ohio and Michigan has simply too many vacant homes beyond repair sitting doing nothing. I can believe that as they are in the heart of the rust belt.
Why not keep it local...? Not all areas were hit hard as Ohio and Michigan were.
Maybe they should pray for tornados, it's much cheaper.
I didn't know that you believed in prayer. Hmmmm, I guess some of you think that when it will come in handy it will work.
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