Yesterday the US House of Representatives passed a bill that would give states $15 billion to flip houses! The funding, opposed by most Republicans, will grant loans to areas hardest hit by foreclosures, and allow people to buy and fix up homes.
The idea is to save the most at risk areas from turning into ghost towns, or rundown neighborhoods susceptible to crime.
President Bush plans to make sure the flipping bill flops. Bush will whip out the veto, because he opposes the Democrats general approach to the housing crisis, as well as this $15 billion specifically. He says that the money rewards lenders who brought on the crisis, and would backfire by offering them an incentive to foreclose.
Do you think the bill, straight out of the HGTV playbook, will help neighborhoods plagued with abandoned and foreclosed homes recover from the brink of destitute? Or is the fix-up bill a misguided quick fix?