Justine Cooper wrote:Good ideas till I read the last paragraph! How much exactly does the city "spend" on educating home buyers? Not that they should, that should fall on the homebuyer. Teaching a pig to sing isn't anything like educating people Bill!
Over the line again?
The County (not the City) is instituting various programs to educated home buyers and those who are having trouble paying their mortgage. I think its mostly a waste of time and money.
People who would have bought in Cleveland buy in Lakewood, people who use to buy in Lakewood buy in Rocky River or Fairview, etc because of zero down loans with teaser rates.
They all knew what they were doing. Taking a big chance to own a bigger, newer home. It shouldn't come as a surprise that when the payment gets to much to handle they walk away. They have no equity and no assets.
I like the saying about pigs singing because it illustrates the point that sometimes trying to give good advice is a waste of time. "You can bring a horse to water but you can't make him drink" illustrates the same point but doesn't boil the blood enough.
The mortgage "crisis" is an opportunity to remove some obsolete housing, rebuild neglected property and make an overall improvment in the City housing stock. A side benefit would be the moral boost that would come from that renewal.
Some of the City money invested would be lost i.e. pay $45,000 tear it down and give the land to the neighors or pay $60,000 put in $75,000 and sell for $110,00. But I don't look at it as a loss but as an investment.
The $4 million dollar city housing investment fund might generate $20 million in housing investment in a short time.
Of course if 10 cents of that money is used for operation paint brush it will lose my support. The idea is to remake whole houses and whole neighborhoods and not to give everyone in the City $300 to paint the porch.
