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 kokomo, IN

Latitude: 40.482238 -- Longitude: -86.131754

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Kokomo was named after Miami Indian Chief Ma-Ko-Ko-Mo, which is sometimes spelled as Koh-Koh-Mah or Kokomoko. His name translates to Black Walnut. There was a trading post for commerce between Native Americans and European-Americans here in the early 19th century. David Foster founded the first trading post in Howard County. In 1844, Foster donated forty acres of his land to create a county seat in Kokomo, which was a log courthouse, for use in the community. It was incorporated as a city in 1865. Officially known as the "City of Firsts" for, among other achievements, Kokomo was a pioneer of United States automobile manufacturing, with Elwood Haynes test-driving his early internal combustion engine auto there on 4 July 1894. Haynes and his associates built a number of other autos over the next few years; the Haynes-Apperson Automobile Company for mass-production of commercial autos was established in Kokomo in 1898. -- Source: Wikipedia.com

Indiana 2000 Census Population Profile Map

	Kokomo	Indiana	United States
Population	46,113	6,080,485	281,421,906
Median age	35.7	35.2	35.3
Median age for Male	33.6	33.9	34
Median age for Female	37.7	36.5	36.5
Households	20,273	2,336,306	105,480,101
Household population	45,419	5,902,331	273,643,273
Average household size	2.24	2.53	2.59
Families	12,195	1,602,501	71,787,347
Average family size	2.9	3.05	3.14
Housing units	22,292	2,532,319	115,904,641
Occupied units	20,273	2,336,306	105,480,101
Vacant units	2,019	196,013	10,424,540

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