The housing crisis may just be on a list of problems debated in the public realm on the road to economic recovery. The energy crisis and weakening of U.S. currency tend to be spoken in the same breath as the housing crisis. Home ownership, which is the backbone of financial stability, is at an all time low in the United States. In many expert opinions, remedying this situation should be on the forefront of our economic recovery agenda.
While many real estate experts scratch their heads and sketch strategies some people are assisting distressed homeowners at this very moment. The Jacksonville Housing and Neighborhoods Department, a local Northeastern Florida organization, is doing its part to boost homeownership in northeastern Florida. They've created an initiative known as the Head Start to Home Ownership that provides information and incentives to those seeking home ownership in Jacksonville and support to prevent foreclosures. This initiative focuses on a market that has been forgotten in the real estate market and maybe its saving grace.
Low income families were not as affected by the subprime mortgage mess and many of them are still viable buyers. The Head Start to Home Ownership program assists them financially to provide affordable mortgage payments. This initiative if successful could have extremely positive effects on the market. It would transform blighted communities into desirable and affordable places to live. It would also provide stability for the lower class that would likely trickle upward to the higher classes in terms of real estate values.
The Jacksonville Housing and Neighborhoods Department is part of a growing local reaction to the housing crisis. Many are waiting for federal response and support for the fledgling housing market and there's surely serious support coming from the Federal Government, but the question is who can help this situation more: local or federal government?
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