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 Tucson, AZ

Latitude: 32.214476 -- Longitude: -110.918192

Other Area Cities: Tucson Oro Valley

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Tucson (pronounced /'tus?n/, Spanish: Tucsón) is a city and the seat of Pima County, Arizona, United States, located 118 miles (188 km) southeast of Phoenix. As of July 1, 2005 a census estimate put the city's population at 521,605, and the metropolitan population at 931,210. By 2008 the city population is expected to exceed 610,000, while the metropolitan population is expected to exceed 1 million by spring 2007. In 2005 Tucson ranked as the 32nd-largest city and 52nd-largest metropolitan area in the U.S. It is the largest city in southern Arizona, and the second largest in the state after Phoenix, Arizona. Major incorporated suburbs of Tucson include Oro Valley and Marana northwest of the city, South Tucson (surrounded by Tucson), and Sahuarita south of the city. Communities in the vicinity of Tucson (some within or overlapping the city limits) include Casas Adobes, Catalina, Catalina Foothills, Flowing Wells, Green Valley, Tanque Verde, and Vail. -- Source: Wikipedia.com

Arizona 2000 Census Population Profile Map

	Tucson	Arizona	United States
Population	486,699	5,130,632	281,421,906
Median age	32.1	34.2	35.3
Median age for Male	30.8	32.9	34
Median age for Female	33.5	35.5	36.5
Households	192,891	1,901,327	105,480,101
Household population	467,517	5,020,782	273,643,273
Average household size	2.42	2.64	2.59
Families	112,515	1,287,367	71,787,347
Average family size	3.12	3.18	3.14
Housing units	209,609	2,189,189	115,904,641
Occupied units	192,891	1,901,327	105,480,101
Vacant units	16,718	287,862	10,424,540

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