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 Escondido, CA

Latitude: 33.124794 -- Longitude: -117.08085

Other Area Cities: Escondido Rancho Santa Fe Vista San Marcos

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Escondido is a city located in northern San Diego County, California just north of San Diego, California, USA. The name means "hidden" in Spanish-- it occupies a shallow valley ringed by rocky hills. Founded in 1888, it is one of the oldest cities in San Diego County. The city has a mild climate, a diverse economy and a growing population of 140,766, making it the fourth largest city in San Diego County in terms of population. Downtown Escondido (centered on Grand Avenue) has experienced a renaissance. Numerous fine restaurants, cafes, and galleries have opened over the past few years. Every Friday night from April through September, the Downtown Business Association hosts the popular "Cruisin' Grand," where the public can show and view hot rods and historic cars. A different car club and/or featured attraction (i.e. antique fire trucks, nitro night, midget and sprint cars) is highlighted each week. Cruisin' Grand also features a DJ, hula hoop contests for the kids, and 7 trophies. -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Escondido	California	United States
Population	133,559	33,871,648	281,421,906
Median age	31.2	33.3	35.3
Median age for Male	30.2	32.2	34
Median age for Female	32.4	34.4	36.5
Households	43,817	11,502,870	105,480,101
Household population	131,794	33,051,894	273,643,273
Average household size	3.01	2.87	2.59
Families	31,162	7,920,049	71,787,347
Average family size	3.5	3.43	3.14
Housing units	45,050	12,214,549	115,904,641
Occupied units	43,817	11,502,870	105,480,101
Vacant units	1,233	711,679	10,424,540

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