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 Orem, UT

Latitude: 40.298753 -- Longitude: -111.696486

Other Area Cities: Orem Springville Alpine American Fork Lehi Spanish Fork Provo Salem Pleasant Grove Mapleton

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Orem is an incorporated city in the north-central part of the state of Utah in Utah County. It is adjacent to Provo, Lindon, and Vineyard and is about 45 miles south of Salt Lake City. As of the 2000 census, the city had a total population of 84,324. By 2005 its population had been estimated to increase to 89,713, making it the fifth largest city in the state. Utah Valley State College is located in Orem. The Orem Owlz of the minor league baseball Pioneer League play their home games at the college. Orem uses the moniker "Family City USA". The city, once known as Provo Bench, was named after Walter C. Orem, who operated a railroad line in the area in the early 1900's. Orem is located in the Alpine School District and is home to three high schools, three junior high schools, and 16 elementary schools. Utah Valley State College and Stevens-Henager College are also located in Orem. -- Source: Wikipedia.com

Utah 2000 Census Population Profile Map

	Orem	Utah	United States
Population	84,324	2,233,169	281,421,906
Median age	23.9	27.1	35.3
Median age for Male	23.7	26.7	34
Median age for Female	24.2	27.7	36.5
Households	23,382	701,281	105,480,101
Household population	83,573	2,192,689	273,643,273
Average household size	3.57	3.13	2.59
Families	19,085	535,294	71,787,347
Average family size	3.93	3.57	3.14
Housing units	24,166	768,594	115,904,641
Occupied units	23,382	701,281	105,480,101
Vacant units	784	67,313	10,424,540

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