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.

As of 11/24/09 the Zana Cooper RePage is ranked at 9,509 with 30 points.
The monthly top RePage owner will receive a cash prize. Help this agent by bookmarking this site and posting it to blogs and other Web pages and encourage others to visit.

Local Information for Perris, CA

Latitude: 33.708291 -- Longitude: -117.199152

Other Area Cities: Canyon Lake Hemet Lakeland Village Lake Elsinore Sun City Murrieta

Enter our Photo Sweepstakes and Win $200 for your Sun City photos!

To see random photos for other cities Click Here.

Submit your photos of Sun City and become eligible to win $200. Click Here for details.

Sun City is a census-designated place (CDP) in Riverside County, California, United States. The population was 17,773 at the 2000 census. Recently, there has been an effort to incorporate Sun City and some or all of the nearby areas of Menifee and Romoland as Menifee Valley. Riverside County is currently investigating the viability of the proposed new city. The median income for a household in the CDP was $29,814, and the median income for a family was $38,131. Males had a median income of $41,174 versus $29,036 for females. The per capita income for the CDP was $19,859. About 6.0% of families and 8.8% of the population were below the poverty line, including 14.4% of those under age 18 and 6.5% of those age 65 or over. -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Sun City	California	United States
Population	17,773	33,871,648	281,421,906
Median age	66.1	33.3	35.3
Median age for Male	64.3	32.2	34
Median age for Female	67.3	34.4	36.5
Households	8,750	11,502,870	105,480,101
Household population	17,396	33,051,894	273,643,273
Average household size	1.99	2.87	2.59
Families	5,199	7,920,049	71,787,347
Average family size	2.57	3.43	3.14
Housing units	9,440	12,214,549	115,904,641
Occupied units	8,750	11,502,870	105,480,101
Vacant units	690	711,679	10,424,540

Visit US Census