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."

As of 11/21/09 the Debbie Russo RePage is ranked at 4,777 with 45 points.
The monthly top RePage owner will receive a cash prize. Help this agent by bookmarking this site and posting it to blogs and other Web pages and encourage others to visit.

Local Information for New City, NY

Latitude: 41.145495 -- Longitude: -73.994901

Other Area Cities: New City Airmont Bardonia White Plains West Nyack Viola Valley Cottage Chestnut Ridge Suffern Congers Spring Valley Pomona Pearl River Nyack New Square Nanuet Haverstraw Montebello New Hempstead Hillcrest Mount Ivy

Enter our Photo Sweepstakes and Win $200 for your New City photos!

To see random photos for other cities Click Here.

Submit your photos of New City and become eligible to win $200. Click Here for details.

The City of New York is a city in the southern end of the state of New York and the most populous city in the United States of America. New York City is a global economic center, with its business, finance, trading, law, and media organizations having worldwide influence. The city is also an important cultural center, with many museums, galleries, and performance venues. As the home of the United Nations, the city is a hub for international diplomacy. The current mayor is Michael Bloomberg. New York City comprises five boroughs, each of which are coterminous with a county: The Bronx, Brooklyn, Manhattan, Queens, and Staten Island. With over 8.2 million residents within an area of 322 square miles (830 km²), New York City has the highest population density of major cities in the United States. The New York metropolitan area, with a population of 18.8 million, ranks among the largest urban areas in the world. -- Source: Wikipedia.com

New York 2000 Census Population Profile Map

	New City	New York	United States
Population	34,038	18,976,457	281,421,906
Median age	40.2	35.9	35.3
Median age for Male	39.1	34.5	34
Median age for Female	41.2	37.2	36.5
Households	11,030	7,056,860	105,480,101
Household population	33,332	18,395,996	273,643,273
Average household size	3.02	2.61	2.59
Families	9,500	4,639,387	71,787,347
Average family size	3.27	3.22	3.14
Housing units	11,161	7,679,307	115,904,641
Occupied units	11,030	7,056,860	105,480,101
Vacant units	131	622,447	10,424,540

Visit US Census