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 Zanesville, OH

Latitude: 39.946049 -- Longitude: -82.01215

Other Area Cities: Zanesville Cambridge

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Zanesville is a city in Muskingum County, Ohio, United States. The population was 25,586 at the 2000 census. It is the county seat of Muskingum CountyGR6. Zanesville was settled in 1797 by Ebenezer Zane (who lent his name to the town) and his son in law, John McIntire, at the point where Zane's Trace met the Muskingum River. Novelist Zane Grey was a descendant of the Zane family and was born in Zanesville. The city was the state capital of Ohio from 1810 to 1812[1]. The National Road ran through Zanesville. -- Source: Wikipedia.com

Ohio 2000 Census Population Profile Map

	Zanesville	Ohio	United States
Population	25,586	11,353,140	281,421,906
Median age	34.8	36.2	35.3
Median age for Male	32.4	34.9	34
Median age for Female	36.7	37.5	36.5
Households	10,572	4,445,773	105,480,101
Household population	24,923	11,054,019	273,643,273
Average household size	2.36	2.49	2.59
Families	6,438	2,993,023	71,787,347
Average family size	2.99	3.04	3.14
Housing units	11,662	4,783,051	115,904,641
Occupied units	10,572	4,445,773	105,480,101
Vacant units	1,090	337,278	10,424,540

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