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 Boynton Beach, FL

Latitude: 26.528099 -- Longitude: -80.076363

Other Area Cities: Boynton Beach Boca Raton Delray Beach Lake Worth Greenacres Lantana Ocean Ridge Palm Beach West Palm Beach

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It was 1894, two years before Henry Flagler built his railroad, that a former American Civil War major named Nathan S. Boynton first set eyes on the area that now bears his name. He was so impressed by the natural beauty of what he saw, the year-round sunshine and pristine beaches, that he built the famous Boynton Beach Hotel to serve as his family's summer residence. The first settlers soon realized that an unlimited assortment of fruits and vegetables thrived in the fertile climate. Cultivated pineapples, tomatoes, mangos, oranges, lemons, grapefruits and limes were packed in crates and shipped by the ton on the newly built Florida East Coast Railroad to satisfy the appetites of hungry Americans across the country. Hurricane Wilma struck Boynton Beach on Monday, October 24, 2005 causing widespread damage to homes and businesses. -- Source: Wikipedia.com

Florida 2000 Census Population Profile Map

	Boynton Beach	Florida	United States
Population	60,389	15,982,378	281,421,906
Median age	41.8	38.7	35.3
Median age for Male	40	37.3	34
Median age for Female	43.8	40.1	36.5
Households	26,210	6,337,929	105,480,101
Household population	59,298	15,593,433	273,643,273
Average household size	2.26	2.46	2.59
Families	15,684	4,210,760	71,787,347
Average family size	2.87	2.98	3.14
Housing units	30,643	7,302,947	115,904,641
Occupied units	26,210	6,337,929	105,480,101
Vacant units	4,433	965,018	10,424,540

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