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 Fountain Hills, AZ

Latitude: 33.604811 -- Longitude: -111.728526

Other Area Cities: Fountain Hills Scottsdale Rio Verde

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Fountain Hills is a town in Maricopa County, Arizona, USA. The official 2004 population estimate was 22,557. Fountain Hills was the eighth fastest-growing place among all cities and towns in Arizona between 1990 and 2000. In contrast to neighboring Scottsdale, homes in Fountain Hills are widely spaced, in a more rural setting. Fountain Hills is home to the world's third tallest fountain, and neighbors the Fort McDowell Indian Reservation. Charles W. Juels' Fountain Hills Observatory is situated nearby. The current mayor of Fountain Hills is Wally Nichols and was elected in May of 2003. The current town council consists of the Mayor and six councilmembers: Councilman John Kavanagh, Councilman Keith McMahan, Councilman Edwin Kehe, and Councilman Jay Schlum. Kathleen Nicola served as councilwoman from June 6, 2002 until she died in a boating accident on May 19, 2005. The current Town Manager is Timothy Pickering. -- Source: Wikipedia.com

Arizona 2000 Census Population Profile Map

	Fountain Hills	Arizona	United States
Population	20,235	5,130,632	281,421,906
Median age	46.4	34.2	35.3
Median age for Male	46.1	32.9	34
Median age for Female	46.6	35.5	36.5
Households	8,653	1,901,327	105,480,101
Household population	20,228	5,020,782	273,643,273
Average household size	2.34	2.64	2.59
Families	6,514	1,287,367	71,787,347
Average family size	2.67	3.18	3.14
Housing units	10,491	2,189,189	115,904,641
Occupied units	8,653	1,901,327	105,480,101
Vacant units	1,838	287,862	10,424,540

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