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 Evansville, IN

Latitude: 37.977166 -- Longitude: -87.550566

Other Area Cities: Evansville Newburgh

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Evansville is a city located in Vanderburgh County, Indiana. As of the 2000 census, the city had a total population of 121,582, and a metropolitan population of 342,815. It is the third-largest city in the state of Indiana. The city is the county seat of Vanderburgh County. In 2004 Evansville was named an "All-America City" by the National Civic League. [1] GR6 The city is situated on a gentle horseshoe bend on the Ohio River and often referred to as "River City." It was commonly referred to as "Stop Light City" before the city's Interstate 164 bypass was constructed. It serves as a regional hub for the Indiana, Kentucky, and Illinois tri-state area. Evansville has a humid continental climate (just north of the humid subtropical line) and four distinct seasons. Average temperatures range from 32 degrees Fahrenheit to 78 degrees Fahrenheit. Annual rainfall averages 42 inches and annual snowfall averages 13 inches. -- Source: Wikipedia.com

Indiana 2000 Census Population Profile Map

	Evansville	Indiana	United States
Population	121,582	6,080,485	281,421,906
Median age	36.5	35.2	35.3
Median age for Male	34.7	33.9	34
Median age for Female	38.2	36.5	36.5
Households	52,273	2,336,306	105,480,101
Household population	116,862	5,902,331	273,643,273
Average household size	2.24	2.53	2.59
Families	30,512	1,602,501	71,787,347
Average family size	2.9	3.05	3.14
Housing units	57,065	2,532,319	115,904,641
Occupied units	52,273	2,336,306	105,480,101
Vacant units	4,792	196,013	10,424,540

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