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 Huntsville, AL

Latitude: 34.712341 -- Longitude: -86.596296

Other Area Cities: New Hope Madison Harvest Huntsville

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Located in the north of Alabama amidst mountains, lakes and the Tennessee River, Huntsville is a wonderful place to live. Military, telecommunications, the space industry, biotechnology and other emerging manufacturing companies provide a solid economic base for the area. Major concerts, Broadway and symphony performances, world class golf, U.S. Space and Rocket Center, botanical gardens as well as many art exhibits all add to the high quality of living. Median price homes are approx. $140,000. Outdoor activities can be enjoyed year round with a 30 year average high in July of 89 degrees and 29 degrees in January. Huntsville, and its cross-river neighbor Decatur, combine their separate metro areas to form the Huntsville-Decatur Combined Statistical Area, which, in 2004, had a total population of 510,088.The two cities are sometimes referred to as, or considered, Twin Cities, or Sister Cities. -- Source: Wikipedia.com

Alabama 2000 Census Population Profile Map

	Huntsville	Alabama	United States
Population	158,216	4,447,100	281,421,906
Median age	36.7	35.8	35.3
Median age for Male	35.2	34.4	34
Median age for Female	38.1	37.2	36.5
Households	66,742	1,737,080	105,480,101
Household population	152,641	4,332,380	273,643,273
Average household size	2.29	2.49	2.59
Families	41,742	1,215,968	71,787,347
Average family size	2.91	3.01	3.14
Housing units	73,670	1,963,711	115,904,641
Occupied units	66,742	1,737,080	105,480,101
Vacant units	6,928	226,631	10,424,540

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