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 Colorado Springs, CO

Latitude: 38.863443 -- Longitude: -104.791914

Other Area Cities: Colorado Springs Security Widefield Woodland Park

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Colorado Springs is a large city located just east of the geographic center of the U.S. state of Colorado.In July 2006, Money magazine ranked Colorado Springs the best place to live in the big city category, which includes cities with 300,000 or more people. The city itself is situated near the base of one of the most famous American peaks, Pikes Peak, on the east side of the Rocky Mountains. The city is the county seat of El Paso County. Today, Colorado Springs has many features of a modern urban area, such as parks, bike trails, urban open-area spaces, business and commerce, theatres and other entertainment. It was first established as a posh resort community and the tourist industry has remained strong and offers many activities and attractions. A large number of religious organizations and churches make their headquarters here, particularly Evangelical Christians. Many high-tech businesses reside in the city, including a large number of computer chip manufacturers. -- Source: Wikipedia.com

Colorado 2000 Census Population Profile Map

	Colorado Springs	Colorado	United States
Population	360,890	4,301,261	281,421,906
Median age	33.6	34.3	35.3
Median age for Male	32.3	33.2	34
Median age for Female	34.9	35.4	36.5
Households	141,516	1,658,238	105,480,101
Household population	353,737	4,198,306	273,643,273
Average household size	2.5	2.53	2.59
Families	93,049	1,084,461	71,787,347
Average family size	3.06	3.09	3.14
Housing units	148,690	1,808,037	115,904,641
Occupied units	141,516	1,658,238	105,480,101
Vacant units	7,174	149,799	10,424,540

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