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 Logan, UT

Latitude: 41.737878 -- Longitude: -111.830846

Other Area Cities: Logan Brigham City

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Logan is a city in Cache County, Utah, in the United States. As of the 2000 census, the city population was 42,670, a substantial increase over the 1990 figure of 32,771. The estimated population in 2005 had increased to 47,357. The Logan metropolitan area contains 109,666 residents. It is the county seat of Cache CountyGR6. It is the principal city of and included in the Logan, Utah-Idaho (partial) Metropolitan Statistical Area. Logan is located in northern Utah, north of Ogden on the Logan River; it is about 82 miles (130km) north of Salt Lake City. The city was founded in 1859 by Mormon settlers and has been the location of the Logan Utah Temple since its dedication in 1884. It is home to the main campus of Utah State University, founded in 1888, and is often known as a college town. It is also a major producer of cheese and other dairy products. -- Source: Wikipedia.com

Utah 2000 Census Population Profile Map

	Logan	Utah	United States
Population	42,670	2,233,169	281,421,906
Median age	23.5	27.1	35.3
Median age for Male	24.2	26.7	34
Median age for Female	22.7	27.7	36.5
Households	13,902	701,281	105,480,101
Household population	40,532	2,192,689	273,643,273
Average household size	2.92	3.13	2.59
Families	9,174	535,294	71,787,347
Average family size	3.2	3.57	3.14
Housing units	14,692	768,594	115,904,641
Occupied units	13,902	701,281	105,480,101
Vacant units	790	67,313	10,424,540

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