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 West Haven, CT

Latitude: 41.272147 -- Longitude: -72.964966

Other Area Cities: East Haven Hamden New Haven North Haven Orange West Haven Milford Branford Woodbridge Wallingford

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West Haven is a city in New Haven County, Connecticut, United States. According to 2006 Census Bureau estimates, the population of the city is 52,923. Settled in 1648, West Haven (then known as West Farms) was a part of the original New Haven Colony. In 1719, it became the separate parish of West Haven. In 1779 the British attacked New Haven Harbor and came ashore in West Haven. Thomas Painter, a militiaman watching for the approaching British ships while standing atop Savin Rock, is depicted on the city seal. The main commercial street, Campbell Avenue, is named for British Adjutant William Campbell, who stopped to help a minister who had been shot. He is buried in the Allingtown section. West Haven and North Milford joined to become Orange (incorporated as a town in 1822). In 1921, West Haven split from Orange to become a separate town. It was incorporated as a city in 1961 and is known as "Connecticut's Youngest City." -- Source: Wikipedia.com

Connecticut 2000 Census Population Profile Map

	West Haven	Connecticut	United States
Population	52,360	3,405,565	281,421,906
Median age	36.4	37.4	35.3
Median age for Male	35.1	36.1	34
Median age for Female	37.6	38.6	36.5
Households	21,090	1,301,670	105,480,101
Household population	51,101	3,297,626	273,643,273
Average household size	2.42	2.53	2.59
Families	13,123	881,170	71,787,347
Average family size	3.06	3.08	3.14
Housing units	22,336	1,385,975	115,904,641
Occupied units	21,090	1,301,670	105,480,101
Vacant units	1,246	84,305	10,424,540

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