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 Brigham City, UT

Latitude: 41.510192 -- Longitude: -112.015011

Other Area Cities: Brigham City North Ogden Logan

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Brigham City is a city in Box Elder County, Utah, United States. The population was 17,411 at the 2000 census. By 2004 its estimated population had decreased slightly to 17,149. It is the county seat of Box Elder CountyGR6. It lies on the western slope of the Wellsville Mountains, a branch of the Wasatch Range at the western terminus of Box Elder Canyon. Brigham City saw most of its growth during the 1950s and 1960s, but has seen a struggling economy and stagnating growth since then. It is currently the headquarters of Thiokol, the company that created the solid rocket boosters for the Space Shuttle.Was the namesake of American movie director, producer, writer and actor Richard Dutcher's 2001 film Brigham City about murder in a fictitious small Mormon town. Due to geography and population, the movie was actually filmed in Mapleton, Utah.There is one high school, one middle school, one intermediate school, and five elementary schools in Brigham City, part of Box Elder School District. -- Source: Wikipedia.com

Utah 2000 Census Population Profile Map

	Brigham City	Utah	United States
Population	17,411	2,233,169	281,421,906
Median age	28.8	27.1	35.3
Median age for Male	27.7	26.7	34
Median age for Female	30.2	27.7	36.5
Households	5,526	701,281	105,480,101
Household population	17,091	2,192,689	273,643,273
Average household size	3.09	3.13	2.59
Families	4,410	535,294	71,787,347
Average family size	3.53	3.57	3.14
Housing units	5,838	768,594	115,904,641
Occupied units	5,526	701,281	105,480,101
Vacant units	312	67,313	10,424,540

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