What's Behind Door Number One?

Could it be a new house, Johnny? Maybe.

Some Londoners, frustrated with the comatose real estate market, are getting creative.

They're creating a lottery, with the winner getting a house that the owner hasn't been able to sell. There are all kinds of legal hoops, and most home sellers aren't exactly sure if they're going to get in trouble or not, but it's apparently worth the risk to them. They sell a certain number of tickets at so much per ticket and those tickets, hopefully, add up to what they're hoping to get for their house. Then one of those lucky ticketholders actually wins the house. Everybody's happy - home seller gets the equity back - ticketholder gets a really cheap house - losing ticketholders didn't lose all that much and live to gamble another day.

Humans are nothing if not resourceful. What will we think of next?



http://news.bbc.co.uk/1/hi/england/london/7879750.stm

Hard Times Are So Much More Civilized in the UK

We still have so much to learn from the Brits. They've got the stiff upper lip, the afternoon tea, and they've got legal squatting.

According to the BBC, a bunch of art students have moved into a couple of vacant mansions at a fine address in London - Park Lane. They're holding open houses, exhibiting art and generally proving to be pretty good neighbors. Their "landlord" (are you a landlord if you don't get rent, or just a victim?) may be the Duke of Westminster, who apparently hasn't used the homes in years. They're valued at 15 million pounds. Each.

The new tenants are art students, 30 to 40 of them per building. Squatting is not illegal if you don't force your way in and you cause no criminal damage. The students say they're not crackheads, they're not wrecking the places, they're just enjoying the finest free student housing ever.


http://news.bbc.co.uk/1/hi/england/london/7845746.stm

So let's consider this notion. We've got an awful lot of empty homes owned by banks that can't sell them. We have an awful lot of people who are having trouble paying their bills. The lines at soup kitchens are getting longer. Utility companies report a rising number of delinquencies...and bigger ones.

What if we started letting people live in those empty houses across the US legally? What if the banks signed a deal that required they keep the places up, didn't allow the pipes to freeze, basically acted as caretakers?

Am I missing something or could this make sense?