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 Midvale, UT

Latitude: 40.61399 -- Longitude: -111.888214

Other Area Cities: Midvale Bennion Cottonwood Heights Draper Holladay Salt Lake City Murray Riverton Sandy South Jordan South Salt Lake Taylorsville West Jordan West Valley City Kearns Lehi

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As of the censusGR2 of 2000, there were 27,029 people, 10,089 households, and 6,638 families residing in the city. The population density was 1,787.0/km² (4,627.4/mi²). There were 10,730 housing units at an average density of 709.4/km² (1,837.0/mi²). The racial makeup of the city was 82.44% White, 1.18% African American, 1.29% Native American, 1.85% Asian, 0.58% Pacific Islander, 9.96% from other races, and 2.71% from two or more races. Hispanic or Latino of any race were 20.77% of the population. There were 10,089 households out of which 31.7% had children under the age of 18 living with them, 47.8% were married couples living together, 12.7% had a female householder with no husband present, and 34.2% were non-families. 25.3% of all households were made up of individuals and 6.5% had someone living alone who was 65 years of age or older. The average household size was 2.66 and the average family size was 3.19. -- Source: Wikipedia.com

Utah 2000 Census Population Profile Map

	Midvale	Utah	United States
Population	27,029	2,233,169	281,421,906
Median age	28.1	27.1	35.3
Median age for Male	27.6	26.7	34
Median age for Female	28.8	27.7	36.5
Households	10,089	701,281	105,480,101
Household population	26,828	2,192,689	273,643,273
Average household size	2.66	3.13	2.59
Families	6,635	535,294	71,787,347
Average family size	3.19	3.57	3.14
Housing units	10,730	768,594	115,904,641
Occupied units	10,089	701,281	105,480,101
Vacant units	641	67,313	10,424,540

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