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 Peoria, AZ

Latitude: 33.649738 -- Longitude: -112.251584

Other Area Cities: Peoria Glendale Phoenix Sun City West Surprise El Mirage Litchfield Park Sun City Avondale

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Peoria is a city located primarily in Maricopa County, Arizona, USA, with a small portion in Yavapai County. It is considered a major suburb of Phoenix. As of the 2000 census, the city had a total population of 108,364, but a July 1, 2002 Census estimate put the fast-growing suburb's population at 123,239, making it the tenth fastest-growing incorporated place in Arizona. By 2005 the population had grown to 138,143 according to the mid-decade Census survey estimates. Peoria is currently the fourth largest city in the state of Arizona in terms of land area, and the ninth largest city in the state in terms of population. The city was named after Peoria, Illinois. It is the spring training home of the San Diego Padres and Seattle Mariners who share the Peoria Sports Complex. The City of Peoria began as a small farming community near Phoenix in the 1880s. -- Source: Wikipedia.com

Arizona 2000 Census Population Profile Map

	Peoria	Arizona	United States
Population	108,364	5,130,632	281,421,906
Median age	35.6	34.2	35.3
Median age for Male	34.2	32.9	34
Median age for Female	36.8	35.5	36.5
Households	39,184	1,901,327	105,480,101
Household population	106,850	5,020,782	273,643,273
Average household size	2.73	2.64	2.59
Families	29,299	1,287,367	71,787,347
Average family size	3.16	3.18	3.14
Housing units	42,573	2,189,189	115,904,641
Occupied units	39,184	1,901,327	105,480,101
Vacant units	3,389	287,862	10,424,540

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