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 Louisville, KY

Latitude: 38.22887 -- Longitude: -85.749534

ZIP Codes for Louisville, Kentucky	40201 40202 40203 40204 40205 40206 40207 40208 40209 40210 40211 40212 40213 40214 40215 40216 40217 40218 40219 40220 40221 40222 40223 40224 40225 40228 40229 40231 40232 40233 40241 40242 40243 40245 40250 40251 40252 40253 40255 40256 40257 40258 40259 40261 40266 40268 40269 40270 40272 40280 40281 40282 40283 40285 40287 40289 40290 40291 40292 40293 40294 40295 40296 40297 40298 40299
Area Code for Louisville, Kentucky	502
Time zone for Louisville, Kentucky	EST

Other Area Cities: Shelbyville, KY Fairdale, KY Fern Creek, KY Fisherville, KY Louisville, KY Anchorage, KY Jeffersontown, KY New Albany, IN Douglas Hills, KY Hurstbourne, KY Norbourne Estates, KY Okolona, KY Prospect, KY Rolling Fields, KY Saint Matthews, KY Windy Hills, KY Valley Station, KY Buechel, KY

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Louisville is Kentucky's largest city. It is ranked as either the 16th or 27th largest city in the United States depending on how the population is calculated (see Nomenclature, population and ranking below). The settlement that became the City of Louisville was founded in 1778 by George Rogers Clark and is named after King Louis XVI of France. Louisville is most famous as the home of "The Most Exciting Two Minutes in Sports": the Kentucky Derby, the widely watched first race of the Triple Crown of Thoroughbred Racing. Louisville is situated in north-central Kentucky on the Kentucky-Indiana border at the only natural obstacle in the Ohio River, the Falls of the Ohio. Louisville is the county seat of Jefferson County, and since 2003, the city's borders are contiguous with those of the county due to merger. -- Source: Wikipedia.com

Kentucky 2000 Census Population Profile Map

	Louisville	Kentucky	United States
Population	256,231	4,041,769	281,421,906
Median age	35.8	35.9	35.3
Median age for Male	34	34.6	34
Median age for Female	37.6	37.1	36.5
Households	111,414	1,590,647	105,480,101
Household population	247,704	3,926,965	273,643,273
Average household size	2.22	2.47	2.59
Families	61,374	1,104,398	71,787,347
Average family size	2.97	2.97	3.14
Housing units	121,275	1,750,927	115,904,641
Occupied units	111,414	1,590,647	105,480,101
Vacant units	9,861	160,280	10,424,540

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November 20, 2008

Local Information for Louisville, KY

Latitude: 38.22887 -- Longitude: -85.749534

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