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 Springfield, MA

Latitude: 42.112411 -- Longitude: -72.547455

Other Area Cities: Springfield Agawam Chicopee Holyoke Longmeadow West Springfield Westfield Amherst Center

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Springfield is a city in Massachusetts. It is the county seat of Hampden CountyGR6. As of the 2000 census, the city population was 152,082. It is the third largest in Massachusetts and the fourth largest in New England (behind Boston, Providence and Worcester). According to a July 1, 2003 Census estimate of 152,157 people. The city is the largest (and also historically the first) city called Springfield in the United States. It is also the largest city on the Connecticut River and the largest city in Western Massachusetts and the Pioneer Valley. It is home to the Basketball Hall of Fame and the Springfield Falcons hockey team. With Hartford, Connecticut, greater Springfield constitutes New England's Knowledge Corridor. -- Source: Wikipedia.com

Massachusetts 2000 Census Population Profile Map

	Springfield	Massachusetts	United States
Population	152,082	6,349,097	281,421,906
Median age	31.9	36.5	35.3
Median age for Male	29.9	35.4	34
Median age for Female	33.7	37.7	36.5
Households	57,130	2,443,580	105,480,101
Household population	146,549	6,127,881	273,643,273
Average household size	2.57	2.51	2.59
Families	36,394	1,576,696	71,787,347
Average family size	3.19	3.11	3.14
Housing units	61,172	2,621,989	115,904,641
Occupied units	57,130	2,443,580	105,480,101
Vacant units	4,042	178,409	10,424,540

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