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 Cincinnati, OH

Latitude: 39.13616 -- Longitude: -84.503088

Other Area Cities: Cherry Grove Forestville Glendale Groesbeck Kenwood Lincoln Heights North College Hill Northbrook Norwood Reading Springdale Mason Hamilton Oxford Cincinnati Blue Ash Bridgetown Cheviot Amberley Covedale Deer Park Finneytown Forest Park Madeira West Chester White Oak Woodlawn Wyoming Mariemont Sharonville Loveland

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Cincinnati is a city in southwestern Ohio, in the United States of America, that lies on the Ohio River. It is the county seat of Hamilton CountyGR6. As of 2005, Cincinnati's population was 308,728, making it the third largest city in Ohio and the 55th largest in the United States. It has a much larger metropolitan area, commonly called "Greater Cincinnati", which covers parts of Ohio, Kentucky, and Indiana. As of July 1, 2005, the U.S. Census Bureau esimates that the Cincinnati-Middletown-Wilmington Combined Statistical Area has a population of 2,113,011 (making it the 20th largest in the country) and is growing at a rate of about one percent annually. Greater Cincinnati is the 25th largest metropolitan area in America. It is home to major-league sports, including America's first professional baseball team, a National Football League team, and the historic Cincinnati Masters. -- Source: Wikipedia.com

Ohio 2000 Census Population Profile Map

	Cincinnati	Ohio	United States
Population	331,285	11,353,140	281,421,906
Median age	32.1	36.2	35.3
Median age for Male	30.7	34.9	34
Median age for Female	33.7	37.5	36.5
Households	148,095	4,445,773	105,480,101
Household population	317,849	11,054,019	273,643,273
Average household size	2.15	2.49	2.59
Families	72,496	2,993,023	71,787,347
Average family size	3.02	3.04	3.14
Housing units	166,012	4,783,051	115,904,641
Occupied units	148,095	4,445,773	105,480,101
Vacant units	17,917	337,278	10,424,540

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