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 El Paso, TX

Latitude: 31.790208 -- Longitude: -106.423242

ZIP Codes for El Paso, Texas	79901 79902 79903 79904 79905 79906 79907 79908 79910 79911 79912 79913 79914 79915 79916 79917 79918 79920 79922 79923 79924 79925 79926 79927 79928 79929 79930 79931 79932 79934 79935 79936 79937 79938 79940 79941 79942 79943 79944 79945 79946 79947 79948 79949 79950 79951 79952 79953 79954 79955 79958 79960 79961 79966 79968 79973 79974 79975 79976 79977 79978 79980 79982 79983 79984 79985 79986 79987 79988 79989 79990 79991 79992 79993 79994 79995 79996 79997 79998 79999 88510 88511 88512 88513 88514 88515 88516 88517 88518 88519 88520 88521 88523 88524 88525 88526 88527 88528 88529 88530 88531 88532 88533 88534 88535 88536 88538 88539 88540 88541 88542 88543 88544 88545 88546 88547 88548 88549 88550 88553 88554 88555 88556 88557 88558 88559 88560 88561 88562 88563 88565 88566 88567 88568 88569 88570 88571 88572 88573 88574 88575 88576 88577 88578 88579 88580 88581 88582 88583 88584 88585 88586 88587 88588 88589 88590 88595
Area Code for El Paso, Texas	915
Time zone for El Paso, Texas	MST

Other Area Cities: El Paso, TX Socorro, TX

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El Paso is the county seat of El Paso County in the U.S. state of Texas. According to the 2005 U.S. Census population estimates, the city had a population of 598,590, making it the sixth-largest city in Texas and the 21st-largest city in the United States. El Paso is second only to San Diego, California in size among all U.S. cities on the U.S.-Mexico border. Ciudad Juárez, Chihuahua lies opposite of the Rio Grande (Rio Bravo del Norte)—which separates the two cities—forming a bi-national metropolitan area of 2,280,782, making it the second-largest bi-national metropolitan area on the U.S.–Mexico border. El Paso is home to the University of Texas at El Paso (founded in 1914 as The Texas State School of Mines and Metallurgy and receiving university status 1967). Fort Bliss, a major United States Army installation, lies to the east and northeast of the city, extending north up to the White Sands Missile Range. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	El Paso	Texas	United States
Population	563,662	20,851,820	281,421,906
Median age	31.1	32.3	35.3
Median age for Male	29.4	31.3	34
Median age for Female	32.8	33.4	36.5
Households	182,063	7,393,354	105,480,101
Household population	558,533	20,290,711	273,643,273
Average household size	3.07	2.74	2.59
Families	141,071	5,247,794	71,787,347
Average family size	3.54	3.28	3.14
Housing units	193,663	8,157,575	115,904,641
Occupied units	182,063	7,393,354	105,480,101
Vacant units	11,600	764,221	10,424,540

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November 20, 2008

Local Information for El Paso, TX

Latitude: 31.790208 -- Longitude: -106.423242

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