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 Covington, GA

Latitude: 33.599243 -- Longitude: -83.858729

ZIP Codes for Covington, Georgia	30014 30015 30016
Area Code for Covington, Georgia	770
Time zone for Covington, Georgia	EST

Other Area Cities: Snellville, GA Covington, GA Conyers, GA Lithonia, GA Stone Mountain, GA Redan, GA

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Incorporated in 1822, Covington was named for General Leonard Covington, a hero of the War of 1812. The city grew with the advent of the railroad in 1845, and in 1864, General Sherman's troops marched through during their March to the Sea. Although the city was looted, several antebellum homes were spared.In more recent years, Covington has served as the location for filming of several television shows and movies, including In the Heat of the Night, the first five episodes of The Dukes of Hazzard, My Cousin Vinny, and Friday the 13th Part VI: Jason Lives.Tourism events include: Gaither's Plantation hosts a Fall Festival every year. The Sazuki Garden Club conducts tours of historic houses in Covington every other Christmas. Covington is located at 33°35'57?N, 83°51'31?W (33.599243, -83.858729)GR1.According to the United States Census Bureau, the city has a total area of 35.9 km² (13.9 mi²). 35.6 km² (13.8 mi²) of it is land and 0.3 km² (0.1 mi²) of it (0.72%) is water. -- Source: Wikipedia.com

Georgia 2000 Census Population Profile Map

	Covington	Georgia	United States
Population	11,547	8,186,453	281,421,906
Median age	34.6	33.4	35.3
Median age for Male	31.7	32.1	34
Median age for Female	37.3	34.6	36.5
Households	4,261	3,006,369	105,480,101
Household population	11,171	7,952,631	273,643,273
Average household size	2.62	2.65	2.59
Families	2,907	2,111,647	71,787,347
Average family size	3.19	3.14	3.14
Housing units	4,542	3,281,737	115,904,641
Occupied units	4,261	3,006,369	105,480,101
Vacant units	281	275,368	10,424,540

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November 20, 2008

Local Information for Covington, GA

Latitude: 33.599243 -- Longitude: -83.858729

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