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 Niagara Falls, NY

Latitude: 43.094305 -- Longitude: -79.017339

Other Area Cities: Buffalo Niagara Falls Tonawanda

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The City of Niagara Falls was incorporated on March 17, 1892. Governor Roswell L. Flower signed the bill into law forming the city; Thomas Vincent Welch who was a member of the charter committee and then a New York Assemblyman, but more importantly a second-generation Irishman, was there when the bill was signed, and responsible for asking Governor Flower to sign the bill on St.Patrick's Day. Historically, the city was built up around factories that utilized the power of the falling water for energy. Now the downtown area is a park (Niagara Falls State Park) affording a close-up view of the American, Horseshoe and Bridal Veil Falls. The European intrusion into the area began in the 17th Century with missionaries and explorers. This interaction of the local tribes, already hostile, was rapidly converted to open warfare by the competition for the fur trade. -- Source: Wikipedia.com

New York 2000 Census Population Profile Map

	Niagara Falls	New York	United States
Population	55,593	18,976,457	281,421,906
Median age	38	35.9	35.3
Median age for Male	36.5	34.5	34
Median age for Female	39.4	37.2	36.5
Households	24,099	7,056,860	105,480,101
Household population	54,787	18,395,996	273,643,273
Average household size	2.27	2.61	2.59
Families	14,258	4,639,387	71,787,347
Average family size	2.96	3.22	3.14
Housing units	27,837	7,679,307	115,904,641
Occupied units	24,099	7,056,860	105,480,101
Vacant units	3,738	622,447	10,424,540

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