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 Birmingham, AL

Latitude: 33.524755 -- Longitude: -86.81274

Other Area Cities: Gardendale Bluff Park Center Point Fairfield Homewood Hoover Hueytown Leeds Mountain Brook Trussville Vestavia Hills Pleasant Grove Fultondale Alabaster Bessemer Birmingham Pelham Irondale Pinson Tarrant City McCalla

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Birmingham has a strong-mayor variant mayor-council form of government, lead by a mayor and a nine-member city council. The current system replaced the previous city commission government in 1962 (primarily as a way to remove Commissioner of Public Safety Eugene "Bull" Connor from power). By Alabama law, an issue before a city council must be approved by a two-thirds majority vote (Act No. 452, Ala. Acts 1955, as supplemented by Act No. 294, Ala. Acts 1965.). Executive powers are held entirely by the mayor's office. The current mayor of Birmingham is Bernard Kincaid, who was voted into office in 1999. The Birmingham area is home to some of America's best schools. In 2005, the Jefferson County International Baccalaureate School in Irondale, an eastern suburb of Birmingham, was rated as the #1 high school in America by Newsweek, a national publication. Mountain Brook High School placed 250 on the list. -- Source: Wikipedia.com

Alabama 2000 Census Population Profile Map

	Birmingham	Alabama	United States
Population	242,820	4,447,100	281,421,906
Median age	34.3	35.8	35.3
Median age for Male	31.8	34.4	34
Median age for Female	36.2	37.2	36.5
Households	98,782	1,737,080	105,480,101
Household population	233,968	4,332,380	273,643,273
Average household size	2.37	2.49	2.59
Families	59,287	1,215,968	71,787,347
Average family size	3.09	3.01	3.14
Housing units	111,927	1,963,711	115,904,641
Occupied units	98,782	1,737,080	105,480,101
Vacant units	13,145	226,631	10,424,540

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