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 Arlington, TX

Latitude: 32.705033 -- Longitude: -97.122839

ZIP Codes for Arlington, Texas	76001 76002 76003 76004 76005 76006 76007 76010 76011 76012 76013 76014 76015 76016 76017 76018 76019 76094 76096
Area Code for Arlington, Texas	817
Time zone for Arlington, Texas	CST

Other Area Cities: De Soto, TX Fort Worth, TX Arlington, TX Bedford, TX Euless, TX Forest Hill, TX Grand Prairie, TX Hurst, TX Mansfield, TX North Richland Hills, TX Colleyville, TX Southlake, TX Irving, TX

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Arlington is a city in Tarrant County, Texas (USA) within the Dallas-Fort Worth-Arlington metropolitan area. As of the 2000 U.S. Census, the city population was 332,969 (though a July 1, 2004 estimate placed the city's population at 359,467). Arlington is the seventh-largest city in the state and the fiftieth largest city in the United States. Located approximately 12 miles east of downtown Fort Worth and 20 miles west of downtown Dallas, Arlington is home to the Texas Rangers' Ameriquest Field in Arlington and the theme parks Six Flags Over Texas and Hurricane Harbor. The Dallas Cowboys' new stadium will also be located in Arlington. The city borders Kennedale, Grand Prairie, Mansfield and Fort Worth, and completely surrounds the smaller communities of Dalworthington Gardens and Pantego. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Arlington	Texas	United States
Population	332,969	20,851,820	281,421,906
Median age	30.7	32.3	35.3
Median age for Male	30.2	31.3	34
Median age for Female	31.2	33.4	36.5
Households	124,686	7,393,354	105,480,101
Household population	330,521	20,290,711	273,643,273
Average household size	2.65	2.74	2.59
Families	85,000	5,247,794	71,787,347
Average family size	3.2	3.28	3.14
Housing units	130,628	8,157,575	115,904,641
Occupied units	124,686	7,393,354	105,480,101
Vacant units	5,942	764,221	10,424,540

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November 20, 2008

Local Information for Arlington, TX

Latitude: 32.705033 -- Longitude: -97.122839

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