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 Payette, ID

Latitude: 44.075175 -- Longitude: -116.929928

ZIP Codes for Payette, Idaho	83661
Area Code for Payette, Idaho	208
Time zone for Payette, Idaho	MST

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Payette is a city in Payette County, Idaho, United States. The population was 7,054 at the 2000 census. The city is the county seat of Payette CountyGR6. The city is named for François Payette, a French-Canadian fur trapper and later the head the Fort Boise trading post for the British Hudson's Bay Company from 1835-1844. A large merry man, he was highly regarded for his helpful assistance to the many travelers who came through the fort. After his retirement in 1844, Mr. Payette returned to Montreal, but the rest of his life is a mystery. Payette is the birthplace of Baseball Hall of Famer. Harmon Killebrew, former outfielder for the Washington Senators and Minnesota Twins, and Jim McClure, a three term U.S. Senator from Idaho, serving from 1973-1991. -- Source: Wikipedia.com

Idaho 2000 Census Population Profile Map

	Payette	Idaho	United States
Population	7,054	1,293,953	281,421,906
Median age	32.4	33.2	35.3
Median age for Male	30.7	32.2	34
Median age for Female	34.5	34.2	36.5
Households	2,619	469,645	105,480,101
Household population	6,962	1,262,457	273,643,273
Average household size	2.66	2.69	2.59
Families	1,842	335,588	71,787,347
Average family size	3.2	3.17	3.14
Housing units	2,834	527,824	115,904,641
Occupied units	2,619	469,645	105,480,101
Vacant units	215	58,179	10,424,540

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November 20, 2008

Local Information for Payette, ID

Latitude: 44.075175 -- Longitude: -116.929928

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