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 Columbus, GA

ZIP Codes for Columbus, Georgia	31829 31901 31902 31903 31904 31905 31906 31907 31908 31909 31914 31917 31993 31994 31995 31997 31998 31999
Area Code for Columbus, Georgia	706
Time zone for Columbus, Georgia	EST

Other Area Cities: Phenix City, AL Columbus, GA Fortson, GA

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As of the censusGR2 of 2000, there were 186,291 people, 69,819 households, and 47,686 families residing in the city. The population density was 332.6/km² (861.4/mi²). There were 76,182 housing units at an average density of 136.0/km² (352.3/mi²). The racial makeup of the city was 50.42% White, 43.74% African American, 0.38% Native American, 1.54% Asian, 0.14% Pacific Islander, 1.90% from other races, and 1.87% from two or more races. Hispanic or Latino of any race were 4.49% of the population.Columbus is home to many exciting cultural, artistic, and athletic venues. The Springer Opera House, state theatre of Georgia, the RiverCenter for the Performing Arts, the Bradley Theatre, Port Columbus Civil War Naval Museum, the Columbus Museum, and the Columbus Civic Center. Columbus is also the home of Historic Columbus Foundation's Riverfest Weekend [1], a major Georgia festival and a Top Twenty Event in the Southeast. Riverfest Weekend is always the last full weekend in April. -- Source: Wikipedia.com

Georgia 2000 Census Population Profile Map

	Columbus	Georgia	United States
Population	185,781	8,186,453	281,421,906
Median age	32.6	33.4	35.3
Median age for Male	29.8	32.1	34
Median age for Female	35.3	34.6	36.5
Households	69,599	3,006,369	105,480,101
Household population	176,674	7,952,631	273,643,273
Average household size	2.54	2.65	2.59
Families	47,560	2,111,647	71,787,347
Average family size	3.08	3.14	3.14
Housing units	75,940	3,281,737	115,904,641
Occupied units	69,599	3,006,369	105,480,101
Vacant units	6,341	275,368	10,424,540

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November 20, 2008

Local Information for Columbus, GA

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