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 Dahlonega, GA

Latitude: 34.530471 -- Longitude: -83.984705

ZIP Codes for Dahlonega, Georgia	30533 30597
Area Code for Dahlonega, Georgia	706
Time zone for Dahlonega, Georgia	EST

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Dahlonega is a city in Lumpkin County, Georgia, United States, and is its county seat[3]. As of the 2000 census, it had a total population of 3,638. Dahlonega is located at the north end of Georgia 400, which connects Atlanta to many affluent suburbs to the north. It is consistently named as a best place to retire by many different publications, due to its low cost of living, vibrant activities, continuing education for seniors, festivals, and beautiful setting. In 1828 Dahlonega was the site of the first major gold rush in the United States. The Dahlonega Gold Museum Historic Site sits in the middle of the town square, housed in the old Lumpkin County Courthouse built in 1836. From its steps in 1849, Dahlonega Mint assayor Dr. M. F. Stephenson tried to persuade miners to stay instead of joining the California Gold Rush, saying, "There's gold in them thar hills." Dahlonega is home to North Georgia College and State University, and the Senior Military College of Georgia. -- Source: Wikipedia.com

Georgia 2000 Census Population Profile Map

	Dahlonega	Georgia	United States
Population	3,638	8,186,453	281,421,906
Median age	22.4	33.4	35.3
Median age for Male	24.5	32.1	34
Median age for Female	21.7	34.6	36.5
Households	1,060	3,006,369	105,480,101
Household population	2,445	7,952,631	273,643,273
Average household size	2.31	2.65	2.59
Families	568	2,111,647	71,787,347
Average family size	2.96	3.14	3.14
Housing units	1,181	3,281,737	115,904,641
Occupied units	1,060	3,006,369	105,480,101
Vacant units	121	275,368	10,424,540

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November 20, 2008

Local Information for Dahlonega, GA

Latitude: 34.530471 -- Longitude: -83.984705

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