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 Sandy, UT

Latitude: 40.572415 -- Longitude: -111.85961

Other Area Cities: Sandy Bennion Cottonwood Heights Holladay Midvale Murray Riverton Salt Lake City West Jordan South Jordan South Salt Lake Taylorsville West Valley City Kearns

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Sandy is a city in Salt Lake County, Utah and a suburb of Salt Lake City. As of the 2000 census, the city had a total population of 88,418. A 2005 estimate placed its population at 89,664, making it the sixth-largest city in Utah. The city is known for the South Towne Center shopping mall; Jordan Commons, a large entertainment complex, and is the location of the Southtowne Exposition Center, which regularly hosts conventions. It was also selected in August 2006 as the location of Real Salt Lake's new soccer-specific stadium, the Sandy Stadium, to be finished in 2008. Groundbreaking occurred on August 12, 2006. No official name for the stadium has yet been announced.The median income for a household in the city was $66,458, and the median income for a family was $70,801. Males had a median income of $47,031 versus $29,661 for females. The per capita income for the city was $22,928. -- Source: Wikipedia.com

Utah 2000 Census Population Profile Map

	Sandy	Utah	United States
Population	88,418	2,233,169	281,421,906
Median age	29.1	27.1	35.3
Median age for Male	27.7	26.7	34
Median age for Female	30.4	27.7	36.5
Households	25,737	701,281	105,480,101
Household population	87,894	2,192,689	273,643,273
Average household size	3.42	3.13	2.59
Families	21,786	535,294	71,787,347
Average family size	3.73	3.57	3.14
Housing units	26,579	768,594	115,904,641
Occupied units	25,737	701,281	105,480,101
Vacant units	842	67,313	10,424,540

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