After reading a recent whitepaper about the current economic situation we are in and the author’s proposals for moving forward in ways that provide some solutions, the primary message is that we have tremendous problems to solve nationally. I am talking about housing and real estate, and yes there are certainly many other areas that are screaming for attention, but to stay in the theme of this real estate blog, my reporting and post here is in the general realm of real estate.
If you are interested; a policy paper from New America Foundation newamerica.net/publications/policy/the_way_forward “THE WAY FORWARD” is a wide ranging report on our current economic status (with particular details on real estate) and a 3 part proposal for moving into solution-based action instead of blame and waiting for the health of the economy (US and World) to magically return. The subtitle of the paper is “Moving From the Post-Bubble, Post-Bust Economy to Renewed Growth and Competitiveness” which ought to give you and idea of the subject matter and scope. This link will allow you to dig into the Euro debt crisis, the rise of consumer demand in China, plus specific proposals for working through the large quantity of foreclosures and homeowners with more debt than home value (including those staying current on their payments).
The New America Foundation requires and requests anyone that wants to use their material to provide attribution and also to provide a link, which I believe I have done in the paragraph above. They also are registered with www.creativecommons.org and this site will expose you to open-source sharing of content by those that choose to participate. I plan to do the same with this blog.
What does it say anyway? Do you really have to read the entire report? For the sake of accuracy and proper understanding of the content, yes, I urge you to take time to read it. There is a portion of the entire paper that we just might be able to focus on here; the concept of debt forgiveness for both lenders and borrowers. Now there are many variations on this subject, and there are also many different situations people find themselves in today in relation to their homes and the debt they owe against those homes. And since there are maybe hundreds of different circumstances of the millions of homeowners affected, this post will not possibly cover all of the permutations. I will plan to post again very soon with my take on the scope of the problem and what it all might mean to those of us with a vested interest.