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 Arlington, TX

Latitude: 32.705033 -- Longitude: -97.122839

Other Area Cities: Fort Worth Arlington Bedford Euless Forest Hill Grand Prairie Hurst Mansfield North Richland Hills Colleyville Southlake Irving

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Arlington is a city in Tarrant County, Texas (USA) within the Dallas-Fort Worth-Arlington metropolitan area. As of the 2000 U.S. Census, the city population was 332,969 (though a July 1, 2004 estimate placed the city's population at 359,467). Arlington is the seventh-largest city in the state and the fiftieth largest city in the United States. Located approximately 12 miles east of downtown Fort Worth and 20 miles west of downtown Dallas, Arlington is home to the Texas Rangers' Ameriquest Field in Arlington and the theme parks Six Flags Over Texas and Hurricane Harbor. The Dallas Cowboys' new stadium will also be located in Arlington. The city borders Kennedale, Grand Prairie, Mansfield and Fort Worth, and completely surrounds the smaller communities of Dalworthington Gardens and Pantego. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Arlington	Texas	United States
Population	332,969	20,851,820	281,421,906
Median age	30.7	32.3	35.3
Median age for Male	30.2	31.3	34
Median age for Female	31.2	33.4	36.5
Households	124,686	7,393,354	105,480,101
Household population	330,521	20,290,711	273,643,273
Average household size	2.65	2.74	2.59
Families	85,000	5,247,794	71,787,347
Average family size	3.2	3.28	3.14
Housing units	130,628	8,157,575	115,904,641
Occupied units	124,686	7,393,354	105,480,101
Vacant units	5,942	764,221	10,424,540

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