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 Westport, CT

Latitude: 41.138663 -- Longitude: -73.352413

Other Area Cities: Bridgeport Fairfield New Canaan Norwalk Ridgefield Westport Darien Stamford Stratford Trumbull Southport Weston Wilton Georgetown Redding Bethel

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Westport is a coastal town in Fairfield County, Connecticut, in the United States. The 2004 population estimate was 26,644. The town is as affluent as other expensive Fairfield County towns, boasting a per capita income of more than $70,000. It is one of the most affluent communities in the United States. However, Westport has more cultural bustle than similar-sized towns, with the Westport Country Playhouse a longtime regional theatre, the unique Levitt Pavilion providing free concerts, a strong arts council, and a heritage as a former artists' colony. -- Source: Wikipedia.com

Connecticut 2000 Census Population Profile Map

	Westport	Connecticut	United States
Population	25,749	3,405,565	281,421,906
Median age	41.4	37.4	35.3
Median age for Male	41.1	36.1	34
Median age for Female	41.7	38.6	36.5
Households	9,586	1,301,670	105,480,101
Household population	25,512	3,297,626	273,643,273
Average household size	2.66	2.53	2.59
Families	7,166	881,170	71,787,347
Average family size	3.1	3.08	3.14
Housing units	10,065	1,385,975	115,904,641
Occupied units	9,586	1,301,670	105,480,101
Vacant units	479	84,305	10,424,540

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