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 Logan, UT

Latitude: 41.737878 -- Longitude: -111.830846

Other Area Cities: Logan Brigham City

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Logan is a city in Cache County, Utah, in the United States. As of the 2000 census, the city population was 42,670, a substantial increase over the 1990 figure of 32,771. The estimated population in 2005 had increased to 47,357. The Logan metropolitan area contains 109,666 residents. It is the county seat of Cache CountyGR6. It is the principal city of and included in the Logan, Utah-Idaho (partial) Metropolitan Statistical Area. Logan is located in northern Utah, north of Ogden on the Logan River; it is about 82 miles (130km) north of Salt Lake City. The city was founded in 1859 by Mormon settlers and has been the location of the Logan Utah Temple since its dedication in 1884. It is home to the main campus of Utah State University, founded in 1888, and is often known as a college town. It is also a major producer of cheese and other dairy products. -- Source: Wikipedia.com

Utah 2000 Census Population Profile Map

	Logan	Utah	United States
Population	42,670	2,233,169	281,421,906
Median age	23.5	27.1	35.3
Median age for Male	24.2	26.7	34
Median age for Female	22.7	27.7	36.5
Households	13,902	701,281	105,480,101
Household population	40,532	2,192,689	273,643,273
Average household size	2.92	3.13	2.59
Families	9,174	535,294	71,787,347
Average family size	3.2	3.57	3.14
Housing units	14,692	768,594	115,904,641
Occupied units	13,902	701,281	105,480,101
Vacant units	790	67,313	10,424,540

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