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 greenville, SC

Latitude: 34.844313 -- Longitude: -82.385428

Other Area Cities: Welcome Spartanburg Greenville Easley Greer Simpsonville Mauldin Sans Souci Taylors Berea

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Greenville is a city located in Greenville County in South Carolina, a state of the United States of America. As of the 2000 census, the city had a total population of 56,002, with a metro population of 962,441. It is the county seat of Greenville CountyGR6. Greenville is largest city in the Greenville-Spartanburg-Anderson metropolitan area. It is the main city of "The Upstate", an area with a population over 1 million that includes the counties of Greenville, Spartanburg, Anderson, Pickens, Cherokee, and Oconee in the northwestern corner of South Carolina. Greenville is on Interstate Highway I-85 between Atlanta and Charlotte, with I-385 and I-185 servicing other areas of the metro. I-26 is just to the northeast in Spartanburg.As the largest city in the Upstate, Greenville offers many activities and attractions. Greenville's theatres and event venues regularly host major concerts and touring theatre companies. Four independent theatres present several plays a year. -- Source: Wikipedia.com

South Carolina 2000 Census Population Profile Map

	Greenville	South Carolina	United States
Population	56,002	4,012,012	281,421,906
Median age	34.6	35.4	35.3
Median age for Male	32.5	34	34
Median age for Female	36.7	36.7	36.5
Households	24,382	1,533,854	105,480,101
Household population	51,507	3,876,975	273,643,273
Average household size	2.11	2.53	2.59
Families	12,573	1,072,822	71,787,347
Average family size	2.9	3.02	3.14
Housing units	27,295	1,753,670	115,904,641
Occupied units	24,382	1,533,854	105,480,101
Vacant units	2,913	219,816	10,424,540

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