Help for Homeowners Facing Foreclosure

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 south boston, VA

Latitude: 36.707722 -- Longitude: -78.903388

ZIP Codes for South Boston, Virginia	24592
Area Code for South Boston, Virginia	434
Time zone for South Boston, Virginia	EST

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On December 8, 1796, the General Assembly authorized eight commissioners to establish at Boyd's Ferry on the south side of the Dan River the town of South Boston, named for Boston, Massachusetts. Because this site proved vulnerable to flooding and it was eventually abandoned in favor of a new settlement on the north side. By the 1850s the Richmond and Danville Railroad passed through South Boston, which eventually developed into an important market for brightleaf tobacco. In 1884 it was incorporated as a town; in 1960 it became an independent city by court order. South Boston became a town again and rejoined Halifax County in 1995. -- Source: Wikipedia.com

Virginia 2000 Census Population Profile Map

	South Boston	Virginia	United States
Population	8,491	7,078,515	281,421,906
Median age	41.2	35.7	35.3
Median age for Male	37.8	34.5	34
Median age for Female	44.1	36.8	36.5
Households	3,502	2,699,173	105,480,101
Household population	7,912	6,847,117	273,643,273
Average household size	2.26	2.54	2.59
Families	2,185	1,847,796	71,787,347
Average family size	2.9	3.04	3.14
Housing units	3,946	2,904,192	115,904,641
Occupied units	3,502	2,699,173	105,480,101
Vacant units	444	205,019	10,424,540

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