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 Blaine, MN

Latitude: 45.156865 -- Longitude: -93.227088

Other Area Cities: Wayzata Blaine Fridley Robbinsdale Saint Anthony East Bethel Andover Brooklyn Center Arden Hills Brooklyn Park Coon Rapids Golden Valley New Brighton Spring Lake Park Ramsey Minneapolis New Hope

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Although Blaine is no longer the small rural town that it once was, it has preserved many of its natural areas. Until 1877 Blaine was considered to be part of the City of Anoka, Minnesota. Phillip Laddy, a native of Ireland, is recognized as the first settler in Blaine. He settled near the lake that now bears his name, Laddie Lake, in 1862. Laddy died shortly after his arrival and his survivors moved on to Minneapolis. He was followed by Englishman George Townsend, who lived for a short time in the area of Lever St. and 103rd Ave. It was not until 1865 that Blaine’s first permanent resident, Green Chambers, settled on the old Townsend claim. Chambers was a former slave who moved north from Barren County, Kentucky, following the Civil War. In 1870 George Wall, Joseph Gagner, and some others settled in the area and it began to grow. In 1877 Blaine separated from Anoka and organized as a Township of its own. -- Source: Wikipedia.com

Minnesota 2000 Census Population Profile Map

	Blaine	Minnesota	United States
Population	44,942	4,919,479	281,421,906
Median age	32.7	35.4	35.3
Median age for Male	32.1	34.4	34
Median age for Female	33.4	36.3	36.5
Households	15,898	1,895,127	105,480,101
Household population	44,839	4,783,596	273,643,273
Average household size	2.82	2.52	2.59
Families	12,176	1,255,141	71,787,347
Average family size	3.19	3.09	3.14
Housing units	16,169	2,065,946	115,904,641
Occupied units	15,898	1,895,127	105,480,101
Vacant units	271	170,819	10,424,540

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