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 Grapevine, TX

Latitude: 32.935025 -- Longitude: -97.085784

ZIP Codes for Grapevine, Texas	76051 76092 76099
Area Code for Grapevine, Texas	817
Time zone for Grapevine, Texas	CST

Other Area Cities: Frisco, TX Allen, TX Grapevine, TX Bedford, TX Southlake, TX Euless, TX Flower Mound, TX Keller, TX North Richland Hills, TX Colleyville, TX Hurst, TX Watauga, TX Coppell, TX McKinney, TX

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Grapevine is a city in Tarrant County, Texas, United States. As of the 2000 census the city population was 42,059, though the latest U.S. Census Bureau projection puts the city's population over 47,000. The city is named for wild mustang grapes prevalent in the area (the high school football team is named the Mustangs). In recent years several wineries have opened in Grapevine, and the city has been very active in maintaining its historic downtown area. Part of Dallas/Fort Worth International Airport, which serves the cities of Dallas and Fort Worth, is located inside the city limits of Grapevine. On April 1, 1934 Clyde Barrow, Bonnie Parker and Henry Methvin killed two young highway patrolmen near the town. The first recorded white settlement in what would become the city of Grapevine occurred in the late 1840s and early 1850s. Growth during the 19th century was slow but steady; by 1890 the town had about 800 residents. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Grapevine	Texas	United States
Population	42,059	20,851,820	281,421,906
Median age	34.3	32.3	35.3
Median age for Male	33.4	31.3	34
Median age for Female	35.1	33.4	36.5
Households	15,712	7,393,354	105,480,101
Household population	41,847	20,290,711	273,643,273
Average household size	2.66	2.74	2.59
Families	11,318	5,247,794	71,787,347
Average family size	3.14	3.28	3.14
Housing units	16,486	8,157,575	115,904,641
Occupied units	15,712	7,393,354	105,480,101
Vacant units	774	764,221	10,424,540

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November 20, 2008

Local Information for Grapevine, TX

Latitude: 32.935025 -- Longitude: -97.085784

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