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 Burleson, TX

Latitude: 32.535939 -- Longitude: -97.327257

ZIP Codes for Burleson, Texas	76028 76097
Area Code for Burleson, Texas	817
Time zone for Burleson, Texas	CST

Other Area Cities: Fort Worth, TX Burleson, TX Benbrook, TX Crowley, TX Mansfield, TX

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Burleson is a city located partially in Johnson County and partially in Tarrant County in Texas. As of the 2004, the population was 27,932, up from 20,976 in 2000. Burleson is the hometown of singer and American Idol winner Kelly Clarkson. It was also in Burleson in which the annual Christianity-related See You at the Pole event originated. Burleson is notable for being a "prohibition" or almost completely dry town. The northern reaches of Burleson lie in Tarrant County, and merchants are allowed to sell alcoholic beverages. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Burleson	Texas	United States
Population	20,976	20,851,820	281,421,906
Median age	34.1	32.3	35.3
Median age for Male	32.7	31.3	34
Median age for Female	35.3	33.4	36.5
Households	7,610	7,393,354	105,480,101
Household population	20,832	20,290,711	273,643,273
Average household size	2.74	2.74	2.59
Families	5,981	5,247,794	71,787,347
Average family size	3.11	3.28	3.14
Housing units	7,794	8,157,575	115,904,641
Occupied units	7,610	7,393,354	105,480,101
Vacant units	184	764,221	10,424,540

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November 20, 2008

Local Information for Burleson, TX

Latitude: 32.535939 -- Longitude: -97.327257

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