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 Grand Junction, CO

Latitude: 39.080531 -- Longitude: -108.559097

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Grand Junction is a city in Mesa County, Colorado, USA. The population was 41,986 at the 2000 census. It is the principal city of the Grand Junction, CO Metropolitan Statistical Area. It is the county seat of Mesa CountyGR6. The city is the largest population center on the Colorado Western Slope, unofficially serving as the capital of the region. The local television stations serve as a major media source for the region, in the way that those in Denver do for the Colorado Front Range to the east. The city is located along the north side of the Colorado River, where it receives the Gunnison River from south. The name "Grand" refers to the historical name of the upper Colorado River used by locals in the late 19th and early 20th centuries. The city sits near the mid-point of a 30-mile (48 km) arcing valley, known as the Grand Valley, that is a major fruit-growing region, historically home to the Ute people and settled by white farmers in the 1880s. -- Source: Wikipedia.com

Colorado 2000 Census Population Profile Map

	Grand Junction	Colorado	United States
Population	41,986	4,301,261	281,421,906
Median age	38.8	34.3	35.3
Median age for Male	36.6	33.2	34
Median age for Female	40.8	35.4	36.5
Households	17,865	1,658,238	105,480,101
Household population	39,806	4,198,306	273,643,273
Average household size	2.23	2.53	2.59
Families	10,549	1,084,461	71,787,347
Average family size	2.84	3.09	3.14
Housing units	18,784	1,808,037	115,904,641
Occupied units	17,865	1,658,238	105,480,101
Vacant units	919	149,799	10,424,540

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