Can You Solve The Housing Crisis?
Do you think you know how to fix the housing crisis? That's wonderful, because the Federal Housing Finance Agency, or FHFA, is seeking your ideas and creative solutions to get foreclosed homes off the market and has joined with the U.S. Department of Housing and Urban Development, or HUD, to issue a plea for information.
The abundance of foreclosed homes owned by Fannie Mae, Freddie Mac and the Federal Housing Administration account for up to one third of the houses sold each month and is dragging down home prices, raising the concern that more homeowners in distressed markets will be forced info foreclosure. Because of this, the FHFA is seeking input on how to reduce the number of foreclosed properties and stabilize the market.
The FHFA wishes to drop the number of homes owned by Fannie Mae, Freddie Mac and FHA in a cost-effective manner, reduce average loan loss rates to Fannie, Freddie and FHA relative to individual distressed property sales, address property rehab needs, respond to the economic and real estate conditions in specific geographies, and assist in community and home price stabilization efforts.
The Federal Housing Finance Agency would like people to suggest new approaches to determine the appropriate disposition strategy for individual properties, whether "for sale" or "for rent", or, in certain instances, destruction.
Selling the homes to investors who will lease them is 1 solution that has been considered, but other solutions are also requested, such as ways to turn renters into owners and how to make the rental market more affordable. If you think you have a great idea, get your response submitted no later than September 15, 2011. If you want to see a 6-step plan that would fix the housing crisis immediately, check out the one written by the author of this article.
The abundance of foreclosed homes owned by Fannie Mae, Freddie Mac and the Federal Housing Administration account for up to one third of the houses sold each month and is dragging down home prices, raising the concern that more homeowners in distressed markets will be forced info foreclosure. Because of this, the FHFA is seeking input on how to reduce the number of foreclosed properties and stabilize the market.
The FHFA wishes to drop the number of homes owned by Fannie Mae, Freddie Mac and FHA in a cost-effective manner, reduce average loan loss rates to Fannie, Freddie and FHA relative to individual distressed property sales, address property rehab needs, respond to the economic and real estate conditions in specific geographies, and assist in community and home price stabilization efforts.
The Federal Housing Finance Agency would like people to suggest new approaches to determine the appropriate disposition strategy for individual properties, whether "for sale" or "for rent", or, in certain instances, destruction.
Selling the homes to investors who will lease them is 1 solution that has been considered, but other solutions are also requested, such as ways to turn renters into owners and how to make the rental market more affordable. If you think you have a great idea, get your response submitted no later than September 15, 2011. If you want to see a 6-step plan that would fix the housing crisis immediately, check out the one written by the author of this article.
About the Author:
Joe Manausa, CRS, MBA, MBA is a 20+ year practicioner of the real estate business and has written a detailed plan to solve the housing crisis at his Tallahassee Real Estate Blog