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 Broken Arrow, OK

Latitude: 36.036305 -- Longitude: -95.783616

Other Area Cities: Claremore Broken Arrow Bixby Tulsa Jenks Owasso

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The name comes from a Creek community who established a new town site in a place where reeds for making arrow shafts grew plentifully. The town's Creek name, Rekackv (pronounced thlee-Kawtch-kuh), meaning broken arrow, was not "official" until the Missouri, Kansas and Texas Railway company built a railroad which ran through the area. MKT was granted town site privileges along the route. They sold three of the as-yet-unamed sites in 1902 to the Arkansas Valley Town Site company. W.S. Fears, secretary of the company, was allowed to choose and name one of the locations. He selected a site about 18 miles southeast of Tulsa and about five miles north of the thlee-Kawtch-kuh settlement and named the new town site Broken Arrow. From "Visit Broken Arrow 2006" published by the City of Broken Arrow, Oklahoma. The median income for a household in the city was $53,507, and the median income for a family was $58,891. Males had a median income of $42,397 versus $27,559 for females. -- Source: Wikipedia.com

Oklahoma 2000 Census Population Profile Map

	Broken Arrow	Oklahoma	United States
Population	74,859	3,450,654	281,421,906
Median age	33.3	35.5	35.3
Median age for Male	32.3	33.9	34
Median age for Female	34.1	36.9	36.5
Households	26,159	1,342,293	105,480,101
Household population	74,342	3,338,279	273,643,273
Average household size	2.84	2.49	2.59
Families	21,167	921,750	71,787,347
Average family size	3.18	3.02	3.14
Housing units	27,085	1,514,400	115,904,641
Occupied units	26,159	1,342,293	105,480,101
Vacant units	926	172,107	10,424,540

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