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 Gilbert, AZ

Latitude: 33.344439 -- Longitude: -111.762411

Other Area Cities: Chandler Gilbert Mesa Tempe Queen Creek Higley Sun Lakes

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Gilbert is a town in Maricopa County, Arizona, USA. Gilbert was the fastest-growing incorporated place of over 100,000 people in the United States from 1990 to 2000, as well as in the 2002, 2003, and 2004 Census estimates. As of the 2000 census, the town had a total population of 109,697, but as of July, 2004, a Census estimate put the fast-growing suburb's population at just over 156,000, a growth of more than 46,000 people or 42% over the four-year period. The 2005 mid-decade Census survey placed the estimated population for the town at 173,072. Although it is large and growing rapidly, Gilbert is still incorporated as a town rather than as a city; it has the highest population of any area incorporated as a town in the United States (and the second largest in North America, after Markham, Ontario, Canada), and as of the 2000 census was the only town with more than 100,000 people. Gilbert was also the fastest-growing place among all cities and towns in Arizona. -- Source: Wikipedia.com

Arizona 2000 Census Population Profile Map

	Gilbert	Arizona	United States
Population	109,697	5,130,632	281,421,906
Median age	30.1	34.2	35.3
Median age for Male	30	32.9	34
Median age for Female	30.3	35.5	36.5
Households	35,405	1,901,327	105,480,101
Household population	109,631	5,020,782	273,643,273
Average household size	3.1	2.64	2.59
Families	28,915	1,287,367	71,787,347
Average family size	3.42	3.18	3.14
Housing units	37,007	2,189,189	115,904,641
Occupied units	35,405	1,901,327	105,480,101
Vacant units	1,602	287,862	10,424,540

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