In a striking paradox, the foreclosure crisis may end up helping some of the people it has hit the hardest.
Throughout the country, Habitat for Humanity chapters are purchasing empty tracts and unoccupied homes for as little as half the original price.
Whether building homes on the lots or renovating existing homes, the organization is doing a service by preventing such properties from becoming part of a blighted landscape.
The ultimate beneficiaries, however, are the families who end up occupying the homes.
"The down real estate market is a wonderful opportunity for all Habitats," Gage Yager, executive director of Trinity Habitat for Humanity in Fort Worth, told the Associated Press.
In addition to helping individuals, the group is assisting neighborhoods, because empty lots or unoccupied homes often lead to jumps in crime and drops in property values, which would exacerbate the housing crisis.
Like any other emergency, the foreclosure nightmare has led to its share of vultures, but Habitat for Humanity is not among them.
"We're stepping up to the plate to provide some viable solutions to the housing crisis," Sharon Rolenc, a spokeswoman for Twin Cities Habitat for Humanity in St. Paul-Minneapolis, told the AP.
If the group is taking advantage of the housing crisis, its motivation is to turn a negative into a positive.
Thursday, June 12, 2008
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