What is YOUR idea to solve the housing crisis?

Ok, with all the knowledge and experience of all of us at Active Rain, we should be able to come up with viable solutions to this housing crisis.

The $8000 first time home buyer credit has helped, but my fear is we will see foreclosures from this group of new buyers. How many people are coming out to buy a home simply because they are receiving the $8000? In fact, in some cases, they make money by buying a home ($100,000 purchase can only "cost" 3.5% down: $3500: finance all closing costs, is possible. So, in this case, the buyer makes $4500!

I do believe am educational component should be attached to the $8000 tax credit. All buyers should be required to take a home buying seminar and receive a certificate of completion, which must be delivered to the lender PRIOR to closing.

So, time will tell on the $8000 tax credit and its % of foreclosures.

Now, let's come up with other ideas!

What is YOUR idea?

Ann Sabbagh

Vice-President

Seacoast Mortgage Corporation

Residential and Commercial Financing

508-243-1190

Please visit my website: www.annsabbagh.com

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about your financial strength."