And the Good News Is...

November 20, 2008

It's getting to be more and more difficult to find good news on TV. Reporters seem to be reveling in stirring up as much "doom and gloom" news as they can – after all it's been proven that bad news sells better than good. Our addiction to news tickers and 24 hour coverage was solidified during horrific news events of the last decade. But there IS positive news to be found if you dig hard enough.

28 Metropolitan areas showed increases in median existing single-family home prices from the same quarter in 2007. Areas such as Elmira NY, Tulsa OK, Wichita KS and Urbana IL.

But even in areas where average home sales have dropped drastically, there is good news. Buyers who have been shut out of the home ownership market, are now finding that they can afford to buy. And they ARE buying. Three states where the ‘housing bubble' has burst are seeing some of the highest increases in sales. The largest sales gain during the third quarter was in Arizona, up 28.3 percent from the second quarter, followed by California which rose 28.1 percent and Nevada, up 26.2 percent. These areas have seen some of the strongest sales gains with some reports of multiple bidding.

And there's also good news for sellers. The typical seller purchased their home six years ago and is still experiencing net equity gains, even in today's depressed markets. The national increase in value since the third quarter of 2002 is 18.3 percent, which is a median gain of $31,000. Even with the current downward price distortion, 90 percent of metro areas are showing six-year price gains.

So while we are definitely in turbulent economic times, there is GOOD NEWS to be found if you look for it. Hopefully, some home buying incentives will be passed soon to stimulate even more home ownership. Lawrence Yun, the chief economist at the National Association of Realtors, said that, "A pattern of sharply higher sales in areas with large price declines is well established," Yun said. "Affordability conditions have consistently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it's important for government to keep that in the forefront of stimulus decisions."

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Local Information for Cordova, TN

Latitude: 35.089023 -- Longitude: -89.793997

Other Area Cities: Germantown Bartlett Collierville Olive Branch Memphis

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Germantown is a city in Shelby County, Tennessee, United States. Germantown is best known as a suburb of Memphis, Tennessee. The city also is home to some of the highest real estate prices in the area. Bordering Memphis to the east, Germantown is a quiet town of streets lined with mature hardwood trees, and often stately homes. There is practically no industry in Germantown, but the city is home to significant retail. In the city center is the Old Town Germantown neighborhood, anchored by a depot and railroad tracks that recall the community's earliest days of development as an outpost along the Memphis and Charleston Railroad. Annual events in Germantown include the Germantown Festival, and the Germantown Charity Horse Show which lures equestrians from all over the country.The median income for a household in the city was $94,609, and the median income for a family was $103,726. Males had a median income of $77,857 versus $38,311 for females. -- Source: Wikipedia.com

Tennessee 2000 Census Population Profile Map

	Germantown	Tennessee	United States
Population	37,348	5,689,283	281,421,906
Median age	41.3	35.9	35.3
Median age for Male	41	34.5	34
Median age for Female	41.5	37.2	36.5
Households	13,220	2,232,905	105,480,101
Household population	37,314	5,541,337	273,643,273
Average household size	2.82	2.48	2.59
Families	11,064	1,547,835	71,787,347
Average family size	3.14	2.99	3.14
Housing units	13,676	2,439,443	115,904,641
Occupied units	13,220	2,232,905	105,480,101
Vacant units	456	206,538	10,424,540

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