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 Saint George, UT

Latitude: 37.095279 -- Longitude: -113.578151

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St. George was founded as a cotton mission in the 1850s under the direction of Brigham Young, the President of The Church of Jesus Christ of Latter-day Saints (LDS or Mormon Church)— part of a greater church effort to become self-sufficient. While the early settlers did manage to grow cotton, it was never produced at competitive market rates; consequently, cotton farming was eventually abandoned.St. George is home to Dixie State College of Utah, a four-year institution. It is also home to three high schools, Pine View High School, Dixie High School and Snow Canyon High School, as well as a number of elementary and intermediate schools. New high schools are in the planning stages to meet the area's rapidly growing student population. Nearby Ivins is home to Utah's first charter high school, Tuacahn High School for the Performing Arts, which provides an alternative education with no tuition costs to any Utah resident. -- Source: Wikipedia.com

Utah 2000 Census Population Profile Map

	Saint George	Utah	United States
Population	49,663	2,233,169	281,421,906
Median age	31.4	27.1	35.3
Median age for Male	30	26.7	34
Median age for Female	33.1	27.7	36.5
Households	17,367	701,281	105,480,101
Household population	48,804	2,192,689	273,643,273
Average household size	2.81	3.13	2.59
Families	13,041	535,294	71,787,347
Average family size	3.21	3.57	3.14
Housing units	21,083	768,594	115,904,641
Occupied units	17,367	701,281	105,480,101
Vacant units	3,716	67,313	10,424,540

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