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 Edmond, OK

Latitude: 35.657154 -- Longitude: -97.464916

Other Area Cities: Edmond Oklahoma City Nichols Hills

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Edmond is a rapidly growing suburban city in Oklahoma County, Oklahoma in the central part of the state. It is the sixth largest city in the state of Oklahoma and is part of the Greater Oklahoma City metropolitan area.The city limits are located on the northern border of Oklahoma City. Two major highways connect Edmond to downtown Oklahoma City; The Broadway Extension (US-77), which runs though the center of the city, and I-35, which runs along the eastern side. As of July 2005, the city had 74,881 residents.Edmond is the hometown of Shannon Miller, who won five medals in the 1992 and 1996 Summer Olympics for the United States in women's gymnastics.Being the highest point along the Santa Fe rail line in Oklahoma Territory, Edmond was originally named "Summit" and was a watering and sanding point for the railroad in the 1880s. The town was given its current name (after an engineer on the railroad) by the Santa Fe railroad headquarters in Topeka after the Oklahoma Land Run of 1889. -- Source: Wikipedia.com

Oklahoma 2000 Census Population Profile Map

	Edmond	Oklahoma	United States
Population	68,315	3,450,654	281,421,906
Median age	33.6	35.5	35.3
Median age for Male	32.1	33.9	34
Median age for Female	35	36.9	36.5
Households	25,256	1,342,293	105,480,101
Household population	66,446	3,338,279	273,643,273
Average household size	2.63	2.49	2.59
Families	18,597	921,750	71,787,347
Average family size	3.08	3.02	3.14
Housing units	26,380	1,514,400	115,904,641
Occupied units	25,256	1,342,293	105,480,101
Vacant units	1,124	172,107	10,424,540

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