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 Arcadia, CA

Latitude: 34.132688 -- Longitude: -118.036491

Other Area Cities: Altadena Covina Pasadena San Marino Bradbury Duarte Glendale La Canada Flintridge Monrovia Montrose Sierra Madre South Pasadena Arcadia

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Arcadia is a U.S. city in Los Angeles County, California that is located about 20 miles Northeast of downtown Los Angeles in the San Gabriel Valley, at the base of the San Gabriel Mountains. It is the site of the Santa Anita Park racetrack and home to the Los Angeles County Arboretum and Botanic Garden. As of the 2000 census, the city had a total population of 53,054. The estimate for 2005 is a population of 56,565. Arcadia's beginnings go back over 3,000 years to the Tongva ("Gabrielino") Indian tribe, whose inhabitants lived all over Southern California. These people were also known as the Gabrielinos, a name taken from the Spanish San Gabriel Mission (in present-day San Gabriel, California), and under whose control these people were enslaved during the mission period in California In 1839, a large area of land that included the present-day borders of Arcadia was sold to a Scottish immigrant, Hugo Reid. -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Arcadia	California	United States
Population	53,054	33,871,648	281,421,906
Median age	40.5	33.3	35.3
Median age for Male	39.1	32.2	34
Median age for Female	41.7	34.4	36.5
Households	19,149	11,502,870	105,480,101
Household population	52,473	33,051,894	273,643,273
Average household size	2.74	2.87	2.59
Families	14,143	7,920,049	71,787,347
Average family size	3.23	3.43	3.14
Housing units	19,970	12,214,549	115,904,641
Occupied units	19,149	11,502,870	105,480,101
Vacant units	821	711,679	10,424,540

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