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 Augusta, GA

Latitude: 33.433271 -- Longitude: -82.022048

ZIP Codes for Augusta, Georgia	30901 30903 30904 30905 30906 30907 30909 30910 30911 30912 30913 30914 30916 30917 30919 30999
Area Code for Augusta, Georgia	706
Time zone for Augusta, Georgia	EST

Other Area Cities: Aiken, SC Augusta, GA Evans, GA Martinez, GA Hephzibah, GA

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Augusta is a city located in the U.S. state of Georgia. As of 2000, the population was 195,182. In 1996, the governments of the City of Augusta and Richmond County combined to form a single governing body known as Augusta-Richmond County. The consolidated city-county is today simply known as "Augusta, Georgia" and not by the consolidated name. The area that comprises the city limits of Augusta (identified during the 2000 census as "the Augusta-Richmond County balance") includes almost all of Richmond County, except for the towns of Hephzibah and Blythe, which maintain governments separate from that of Augusta. Augusta's official nickname is The Garden City. It is also known as Masters City, since it plays host to the Masters golf tournament. The city recently adopted the motto, "We Feel Good", in recognition of native son and soul music legend James Brown. Notable residents include: James Brown (Musician), Hulk Hogan (Professional wrestler), and Woodrow Wilson (U. S. President). -- Source: Wikipedia.com

Georgia 2000 Census Population Profile Map

	Augusta	Georgia	United States
Population	195,182	8,186,453	281,421,906
Median age	32.3	33.4	35.3
Median age for Male	30.3	32.1	34
Median age for Female	34.3	34.6	36.5
Households	72,307	3,006,369	105,480,101
Household population	184,312	7,952,631	273,643,273
Average household size	2.55	2.65	2.59
Families	48,234	2,111,647	71,787,347
Average family size	3.13	3.14	3.14
Housing units	80,481	3,281,737	115,904,641
Occupied units	72,307	3,006,369	105,480,101
Vacant units	8,174	275,368	10,424,540

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November 20, 2008

Local Information for Augusta, GA

Latitude: 33.433271 -- Longitude: -82.022048

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