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 Albany, GA

Latitude: 31.582273 -- Longitude: -84.165557

ZIP Codes for Albany, Georgia	31701 31702 31703 31704 31705 31706 31707 31708 31721
Area Code for Albany, Georgia	229
Time zone for Albany, Georgia	EST

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Albany is a city in and the county seat of Dougherty County, Georgia, United States, in the southwestern part of the state. It is the principal city of the Albany, Georgia metropolitan area. The population was 76,939 at the 2000 census.According to the United States Census Bureau, the Albany, Georgia Metropolitan Statistical Area (MSA) had an estimated population of 164,069 and ranked 234 in the U.S. in 2007. The MSA consists of Dougherty, Terrell, Lee, Worth, and Baker Counties. As of the census[2] of 2000, there were 76,939 people, 28,620 households, and 18,889 families residing in the city. The population density was 1,385.5 people per square mile (535.0/km²). There were 32,062 housing units at an average density of 577.3/sq mi (222.9/km²).The Albany Government Center in downtown. -- Source: Wikipedia.com

Georgia 2000 Census Population Profile Map

	Albany	Georgia	United States
Population	76,939	8,186,453	281,421,906
Median age	31.1	33.4	35.3
Median age for Male	29.2	32.1	34
Median age for Female	33.1	34.6	36.5
Households	28,620	3,006,369	105,480,101
Household population	72,702	7,952,631	273,643,273
Average household size	2.54	2.65	2.59
Families	18,883	2,111,647	71,787,347
Average family size	3.14	3.14	3.14
Housing units	32,062	3,281,737	115,904,641
Occupied units	28,620	3,006,369	105,480,101
Vacant units	3,442	275,368	10,424,540

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November 20, 2008

Local Information for Albany, GA

Latitude: 31.582273 -- Longitude: -84.165557

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