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 Odenton, MD

Latitude: 39.071276 -- Longitude: -76.699756

Other Area Cities: Columbia Baltimore Ellicott City Cape Saint Claire Odenton Fort Meade Glen Burnie Linthicum Heights Crownsville Herald Harbor Pasadena Severn Severna Park South Gate

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The town of Odenton was formed in 1868 with the construction of the Baltimore Potomac (B & P) Railroad connecting Baltimore and Washington, D. C.. Where the B&P crossed the Annapolis and Elkridge (A&E) Railroad, a train station and post office were established and named for Oden Bowie, President of the B&P. This line was later absorbed by the Pennsylvania Railroad and is presently used by Amtrak and MARC Train. In 1908, the Washington, Baltimore & Annapolis Electric Railway was constructed east of the B&P line and crossed the A&E near the present day intersection of MD170 and MD175 at what became known as Naval Academy Junction. Small villages developed around these various railroad lines, but none amounted to more than a cluster of shops and homes around a train station and post office. The 1878 Maryland Directory listed the following towns: Conaway, Odenton, Patuxent, Sappington, and Woodwardville. -- Source: Wikipedia.com

Maryland 2000 Census Population Profile Map

	Odenton	Maryland	United States
Population	20,534	5,296,486	281,421,906
Median age	33.1	36	35.3
Median age for Male	32.8	34.9	34
Median age for Female	33.4	37	36.5
Households	7,594	1,980,859	105,480,101
Household population	20,497	5,162,430	273,643,273
Average household size	2.7	2.61	2.59
Families	5,553	1,359,318	71,787,347
Average family size	3.13	3.13	3.14
Housing units	7,900	2,145,283	115,904,641
Occupied units	7,594	1,980,859	105,480,101
Vacant units	306	164,424	10,424,540

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