Help for Homeowners Facing Foreclosure

November 20, 2008

Everyone seems to agree that flooding the market with empty, foreclosed homes does not help neighborhoods maintain stability – either as a way of living, or regarding the value of homes. Empty homes do nothing for a neighborhood.

Recently some organizations are taking tentative steps to allow homeowners who are defaulting on their mortgage to remain in their homes –at least for the time being.

Fannie and Freddie Mac have announced that they are freezing foreclosure sales until after the new year while they review strategies and the future of their organizations. J.P. Morgan Chase & Co. and Citigroup Inc. recently announced foreclosure-prevention programs that aim to reduce interest rates, extend repayment schedules and, in the case of Citigroup, reduce loan amounts, to help borrowers keep their homes. But the programs have focused primarily on loans wholly owned by those companies because they feel they have more authority to rework those mortgages.

HSBC is also making more options available to more people. For example, it is contacting customers before their adjustable-rate loans reset to higher rates and freezing the current rate or allowing the borrower to pay a rate below what the new rate would be. The bank also is lowering fixed rates for selected borrowers. All this in an effort to stave of foreclosures.

One way of stabilizing markets where supply exceeds demand is to regulate supply. That way the people who can buy homes can buy from sellers who can’t afford to stay in their current home. But, amazingly enough, new home construction is still going on – even in saturated markets. Merrill Lynch economist David Rosenberg suggests, only half-jokingly, that the Treasury should impose a moratorium on home building. "It sounds like lunacy, but we have to destroy the housing capital stock to help put a floor under the market," he said.

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Local Information for Glendale, CA

Latitude: 34.170939 -- Longitude: -118.250081

Other Area Cities: Altadena Arcadia Los Angeles Pasadena San Marino La Canada Flintridge La Crescenta Sierra Madre South Pasadena Glendale Montrose

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Glendale is a city in Los Angeles County, California, United States. It lies at the eastern end of the San Fernando Valley, is bisected by the Verdugo Mountains, and is an important suburb in the Greater Los Angeles Area. The city is bordered to the southwest by the Atwater Village district of Los Angeles; to the west by Burbank; to the northwest by the Tujunga district of Los Angeles; to the northeast by the city of La Cañada Flintridge and the unincorporated La Crescenta area; to the east by Pasadena; and to the southeast by the Eagle Rock and Glassell Park, neighborhoods of Los Angeles. The Golden State, Ventura, Glendale, and Foothill freeways run through the city. As of the 2000 census, the city population was 194,973. Since then, there have been estimates of 201,326 by the U.S. Census Bureau in 2004 and 207,007 by the California State government in 2005, making it the third largest city in Los Angeles County and the seventeenth largest city in the state of California. -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Glendale	California	United States
Population	194,973	33,871,648	281,421,906
Median age	37.5	33.3	35.3
Median age for Male	36.2	32.2	34
Median age for Female	38.8	34.4	36.5
Households	71,805	11,502,870	105,480,101
Household population	192,109	33,051,894	273,643,273
Average household size	2.68	2.87	2.59
Families	49,636	7,920,049	71,787,347
Average family size	3.27	3.43	3.14
Housing units	73,713	12,214,549	115,904,641
Occupied units	71,805	11,502,870	105,480,101
Vacant units	1,908	711,679	10,424,540

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