“The down real estate market is a wonderful opportunity for all Habitats,” said Gage Yager, executive director of Trinity Habitat for Humanity in Fort Worth, Texas. “As prices drop, we have the opportunity to acquire at prices that just weren’t available a few years ago.” from ABC News

Habitat for Humanity has long been building and renovating properties for low income potential homeowners, the current housing price declines are now providing additional opportunities for Habitats to buy homes for renovation.  This is one of the better solutions to large numbers of foreclosed homes in a low income area.  It doesn’t require large amounts of government money, it’s not mandated by legislators, it’s a free market solution to a localized problem.

Habitat, of course, can’t solve all the housing problems by themselves, but the underlying concept of providing decent affordable housing to people who would like to own property can go a long way towards resolving a lot of the issues related to large numbers of foreclosures in a small geographic area.

This is one bit of foreclosure news that really made my day, an actual viable solution for part of the housing/credit problems.