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Monday, April 28, 2008

 

What Really Happens with Forecloseure

I just skimmed an article that talked about why I should be concerned if my neighbors house forecloses. Though I just skimmed the article, the just was that when a house becomes foreclosed, there is a spike in crime and drugs in the neighborhood. I suppose this may be true for most, but I think it is a fallacy to generalize for all. Here is how I think it should be.

Now, most of you know me by now and know I am the furthest from a socialist. However, I think this "housing mess" could be handled in a different way. The press sees this crisis as a cause for government intervention- how wrong. I suppose that we could think of the other homeowners in the area as a group. They all have a stake in the conditions of the houses around them- one house is trashy, property values decline. So in order for their property values to stay up, I would think that homeowners (in a non-covenant setting) in a neighborhood would look out for each other. When they would see a homeowner in trouble, they would help him out, not a government bailout! And if the house is foreclosed upon, helping keep up basic upkeep and keeping an eye out on the house would help to prevent drugs and crime from setting into the house.

I have a friend who is in such a situation and he keeps an eye on the foreclosed house. This, I think, shows how neighbors, and not government, can work together to bring prosperity to everyone in the neighborhood.

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