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 Lexington, KY

Latitude: 38.029632 -- Longitude: -84.494642

Other Area Cities: Lexington Georgetown Nicholasville Versailles Winchester Richmond

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Lexington, Kentucky, United States, known as the "Horse Capital of the World," is located in the heart of the Bluegrass region. It is the second-largest city in Kentucky, after Louisville, and the 70th largest in the United States. On January 1, 1974 Lexington became the first municipality in the Commonwealth of Kentucky to form a consolidated city-county government by merging with Fayette County. In 2005, the population estimate given by the U.S. Census Bureau was 268,080. Lexington is home to the Kentucky Horse Park, Keeneland race course, the Red Mile race course, a Jif peanut butter plant which produces more peanut butter than any other factory in the world, Transylvania University and the University of Kentucky (UK). The area code (859) spells out UKY. UK's basketball program is immensely popular in the city, and the University of Kentucky Wildcats basketball team have won more games than any other team in college basketball history. -- Source: Wikipedia.com

Kentucky 2000 Census Population Profile Map

	Lexington	Kentucky	United States
Population	260,512	4,041,769	281,421,906
Median age	33	35.9	35.3
Median age for Male	31.7	34.6	34
Median age for Female	34.5	37.1	36.5
Households	108,288	1,590,647	105,480,101
Household population	247,789	3,926,965	273,643,273
Average household size	2.29	2.47	2.59
Families	62,955	1,104,398	71,787,347
Average family size	2.9	2.97	3.14
Housing units	116,167	1,750,927	115,904,641
Occupied units	108,288	1,590,647	105,480,101
Vacant units	7,879	160,280	10,424,540

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