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 Tulsa, OK

Latitude: 36.131294 -- Longitude: -95.937332

Other Area Cities: Claremore Tulsa Broken Arrow Jenks Owasso Sapulpa Glenpool Sand Springs

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The city is located in Northeast Oklahoma, a part of the state often referred to as "Green Country." It is considered the cultural and arts center of Oklahoma, boasting two world-renowned art museums, full-time professional opera and ballet companies, and the third largest concentration of art deco architecture in the country, behind New York City and Miami, Florida. [citation needed] Many of Tulsa's downtown skyscrapers and also entire neighborhoods were constructed in the art deco style of architecture. The city has the nation's most inland water port, the Tulsa Port of Catoosa [5], which connects the state with international ocean trade routes through the Arkansas River and Mississippi River. Tulsa is also home to an American Airlines maintenance center, the largest airline maintenance base in the world.The Tulsa area has 13 school districts with more than 20,000 students as of Fall 2005.Tulsa Public Schools is the largest school district in Oklahoma. -- Source: Wikipedia.com

Oklahoma 2000 Census Population Profile Map

	Tulsa	Oklahoma	United States
Population	393,049	3,450,654	281,421,906
Median age	34.5	35.5	35.3
Median age for Male	32.6	33.9	34
Median age for Female	36.4	36.9	36.5
Households	165,743	1,342,293	105,480,101
Household population	382,616	3,338,279	273,643,273
Average household size	2.31	2.49	2.59
Families	99,094	921,750	71,787,347
Average family size	2.98	3.02	3.14
Housing units	179,405	1,514,400	115,904,641
Occupied units	165,743	1,342,293	105,480,101
Vacant units	13,662	172,107	10,424,540

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