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 Gresham, OR

Latitude: 45.503692 -- Longitude: -122.439425

Other Area Cities: Gresham Gladstone Oregon City Portland Clackamas

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The city of Gresham could not establish itself as a city unless given a post office and postal code. General Walter Quinton Gresham, haven been appointed to the office of Postmaster General under President Chester A. Arthur would not grant the city either unless it was agreed to name the city after him. Although a post office was established in May, 1884, Gresham was not incorporated as a city until 1905. Lewis Shattuck, son of a pioneer family, was the first mayor. Since 1981, Gresham has been the home of the Mount Hood Jazz Festival, an annual festival of jazz musicians. The oldest of the city's four high schools is Gresham High School, home of The Gophers. This mascot was narrowly chosen in a vote by the student body over "The Berry Pickers", reflecting the city's rural origins. -- Source: Wikipedia.com

Oregon 2000 Census Population Profile Map

	Gresham	Oregon	United States
Population	90,205	3,421,399	281,421,906
Median age	32.5	36.3	35.3
Median age for Male	31.1	35.1	34
Median age for Female	34.1	37.5	36.5
Households	33,327	1,333,723	105,480,101
Household population	89,077	3,343,908	273,643,273
Average household size	2.67	2.51	2.59
Families	22,683	877,671	71,787,347
Average family size	3.17	3.02	3.14
Housing units	35,309	1,452,709	115,904,641
Occupied units	33,327	1,333,723	105,480,101
Vacant units	1,982	118,986	10,424,540

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