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 Honolulu, HI

Latitude: 21.30895 -- Longitude: -157.826182

ZIP Codes for Honolulu, Hawaii	96801 96802 96803 96804 96805 96806 96807 96808 96809 96810 96811 96812 96813 96814 96815 96816 96817 96818 96819 96820 96821 96822 96823 96824 96825 96826 96827 96828 96830 96835 96836 96837 96838 96839 96840 96841 96842 96843 96844 96846 96847 96848 96849 96850
Area Code for Honolulu, Hawaii	808
Time zone for Honolulu, Hawaii	PST-2

Other Area Cities: Honolulu, HI Makakilo City, HI Aiea, HI Halawa Heights, HI Kailua, HI Waipahu, HI Kaneohe, HI Pearl City, HI Mililani, HI

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Honolulu is the capital and largest city of the U.S. State of Hawai?i. In the Hawaiian language, honolulu means "sheltered bay" or "place of shelter." The census-designated place (CDP) is located along the southeast coast of the island of O?ahu. The term also refers to the District of Honolulu (see Geography below). As of July 1, 2004, the United States Census Bureau estimate for Honolulu puts the population at 377,260 and that of the city and county (essentially, the Island of O?ahu) at 900,000. In Hawai?i, local governments operate only at the county level, and the City & County of Honolulu encompasses all of the Island of O?ahu (approximately 600 square miles). -- Source: Wikipedia.com

Hawaii 2000 Census Population Profile Map

	Honolulu	Hawaii	United States
Population	371,657	1,211,537	281,421,906
Median age	39.7	36.2	35.3
Median age for Male	38.4	35.1	34
Median age for Female	41.1	37.4	36.5
Households	140,337	403,240	105,480,101
Household population	360,371	1,175,755	273,643,273
Average household size	2.57	2.92	2.59
Families	87,374	287,068	71,787,347
Average family size	3.23	3.42	3.14
Housing units	158,663	460,542	115,904,641
Occupied units	140,337	403,240	105,480,101
Vacant units	18,326	57,302	10,424,540

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