Urgent Measures to Recover From Foreclosures

Now that the election fever is over people are concentrating once more on the urgent measures being taken or could be taken to recover from foreclosures. The one person all are looking up to is President-elect Barack Obama. There is a famous saying – “The Lord helps those who help themselves.” This is where the role of the state becomes important in grappling with the foreclosure crisis. In many instances the states are not waiting for federal plans to materialize but chalking out plans and actions on their own.

Connecticut Governor M Jodi Rell has found the answer in green affordable housing. She says that the money coming through, as assistance should be invested for purchasing and restoring foreclosed house so as to prevent further erosion. Some funds could flow towards new constructions.

The return coming from such investments will be quicker and faster than that coming from building of roads and bridges. Money will be put in the hands of those in the construction world – builders, contractors, suppliers, furnishers etc. This will create a huge demand. Everybody from the elderly to the young, from the single to the married – all need homes to nest and rest in. They need affordable houses that they can sustain and maintain with their incomes.

Foreclosure evictions have caused a high demand for rented accommodation. The vacancy rate continues to be less than 5% while the average price of a house is $275,000. This means that the foreclosure related economic crisis would increase demand on rentals and affordable houses. If plans about modest housing do not take shape then homelessness will increase. That does not bode well either for the society or the economy. Construction activity will mean houses for workers, new jobs, increase in state taxes and flow of money in the economy.

A smart housing policy will lead to better transportation, energy and land policies. Governor Rell is already in consultation with experts who are connecting these various activities into one whole comprehensive programme. As a result workers will be housed in suitable locations, cars will skirt highways and there will be no sprawl or increased pollution. This will attract new business to the state. Towns will not be forced to create housing – it will be just responding to demand. Already twenty-five towns have asked for grants as per the new HOMEConnecticut statue regarding options for housing. Before the year draws to a close 20 more will be following suit.

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