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 Jackson, MS

Latitude: 32.320445 -- Longitude: -90.204415

Other Area Cities: Jackson Brandon Madison Ridgeland Pearl

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Jackson is the capital and the largest city of the U.S. state of Mississippi. As of the 2000 census, the city's population was 184,256. As of July 1, 2005, the census estimates that the Jackson Metropolitan area (MSA), including its suburbs in Hinds, Rankin, Madison, Copiah, and Simpson counties, has a population of 522,580, more than one-sixth the population of the state. Jackson is one of the county seats of Hinds County; Raymond is the other county seat. Jackson is also a part of the Jackson - Yazoo City Combined Statistical Area (CSA). The city has self-styled itself as "The Best of the New South," and "The Bold New City." Frank Melton is the current mayor of Jackson. The city is home to the international headquarters of Phi Theta Kappa, an honor society for the students enrolled in two-year colleges. -- Source: Wikipedia.com

Mississippi 2000 Census Population Profile Map

	Jackson	Mississippi	United States
Population	184,256	2,844,658	281,421,906
Median age	31	33.8	35.3
Median age for Male	29.1	32.2	34
Median age for Female	32.8	35.3	36.5
Households	67,841	1,046,434	105,480,101
Household population	177,055	2,749,244	273,643,273
Average household size	2.61	2.63	2.59
Families	44,488	747,159	71,787,347
Average family size	3.24	3.14	3.14
Housing units	75,678	1,161,953	115,904,641
Occupied units	67,841	1,046,434	105,480,101
Vacant units	7,837	115,519	10,424,540

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