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, AZ

Latitude: 33.580726 -- Longitude: -112.199309

Other Area Cities: Goodyear Glendale Peoria Phoenix Sun City West Surprise El Mirage Litchfield Park Sun City Avondale

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Glendale is a city in Maricopa County, Arizona, USA. As of the 2000 census, the city population was 218,812, while the mid-decade Census survey estimated the population as of 2005 to be 242,369; it is a major satellite city of Phoenix. The NHL's Phoenix Coyotes and NLL's Arizona Sting began playing here when Glendale Arena opened in December 2003. Also in Glendale is the new University of Phoenix Stadium, home of the NFL's Arizona Cardinals, which opened in August 2006. In 2008, Super Bowl XLII is scheduled to be played there. Both venues are part of the Westgate development plan, meant to spur growth in the sparsely habitated Yucca district. Glendale bills itself as “Arizona’s Antique Capital,” with support for its claim from both Sunset Magazine (2004) and a 1998 article in USA Today. Glendale is home to the popular Arrowhead mall in the north-west part of the city. -- Source: Wikipedia.com

Arizona 2000 Census Population Profile Map

	Glendale	Arizona	United States
Population	218,812	5,130,632	281,421,906
Median age	30.8	34.2	35.3
Median age for Male	29.8	32.9	34
Median age for Female	32	35.5	36.5
Households	75,700	1,901,327	105,480,101
Household population	215,955	5,020,782	273,643,273
Average household size	2.85	2.64	2.59
Families	54,384	1,287,367	71,787,347
Average family size	3.33	3.18	3.14
Housing units	79,667	2,189,189	115,904,641
Occupied units	75,700	1,901,327	105,480,101
Vacant units	3,967	287,862	10,424,540

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