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 Amarillo, TX

Latitude: 35.199252 -- Longitude: -101.845163

ZIP Codes for Amarillo, Texas	79101 79102 79103 79104 79105 79106 79107 79108 79109 79110 79111 79114 79116 79117 79118 79119 79120 79121 79123 79124 79159 79163 79166 79167 79168 79171 79172 79174 79178 79182 79185 79187 79189
Area Code for Amarillo, Texas	806
Time zone for Amarillo, Texas	CST

Other Area Cities: Canyon, TX Amarillo, TX

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Amarillo is a city in the U.S. state of Texas and the county seat of Potter County. A portion of the city extends into Randall County. As of the 2000 U.S. Census, the city had a total population of 173,627 (though a July 1, 2005 estimate placed the city's population at 183,021). The Amarillo metropolitan area, however, has an estimated population of 236,113 in four counties. The city once self-proclaimed as the "Helium Capital of the World" for having one of the country's most productive helium fields. The city is also known as "The Yellow Rose of Texas" and most recently "Rotor City, USA" for its V-22 Osprey hybrid aircraft assembly plant.[1] Amarillo operates one of the largest meat packing areas in the United States. Pantex, the only nuclear weapons assembly and disassembly facility in the country, is also a major employer. The attractions, Cadillac Ranch and Big Texan Steak Ranch, were located on old U.S. Route 66, which passes through the city. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Amarillo	Texas	United States
Population	173,627	20,851,820	281,421,906
Median age	33.5	32.3	35.3
Median age for Male	32.1	31.3	34
Median age for Female	34.8	33.4	36.5
Households	67,699	7,393,354	105,480,101
Household population	171,318	20,290,711	273,643,273
Average household size	2.53	2.74	2.59
Families	45,768	5,247,794	71,787,347
Average family size	3.1	3.28	3.14
Housing units	72,408	8,157,575	115,904,641
Occupied units	67,699	7,393,354	105,480,101
Vacant units	4,709	764,221	10,424,540

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November 20, 2008

Local Information for Amarillo, TX

Latitude: 35.199252 -- Longitude: -101.845163

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