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 Georgetown, KY

Latitude: 38.214542 -- Longitude: -84.555496

ZIP Codes for Georgetown, Kentucky	40324
Area Code for Georgetown, Kentucky	502
Time zone for Georgetown, Kentucky	EST

Other Area Cities: Georgetown, KY Lexington, KY

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Georgetown is a city in Scott County, Kentucky, United States. The population was 18,080 at the 2000 census. It is the county seat of Scott County. The city is named in honor of President George Washington. It is the home of Georgetown College, a private liberal arts college. The city's recent growth began in the mid-1980s, when Toyota built its first wholly-owned United States plant in a recently annexed part of the city. The plant, which currently builds the Camry, Solara and Avalon, opened in 1988. As of the census of 2000, there were 18,080 people, 6,703 households, and 4,618 families residing in the city. The population density was 508.8/km² (1,317.5/mi²). There were 7,209 housing units at an average density of 202.9/km² (525.3/mi²). The racial makeup of the city was 88.68% White, 8.01% African American, 0.23% Native American, 0.64% Asian, 0.01% Pacific Islander, 1.03% from other races, and 1.41% from two or more races. -- Source: Wikipedia.com

Kentucky 2000 Census Population Profile Map

	Georgetown	Kentucky	United States
Population	18,080	4,041,769	281,421,906
Median age	29.3	35.9	35.3
Median age for Male	28.2	34.6	34
Median age for Female	30.4	37.1	36.5
Households	6,703	1,590,647	105,480,101
Household population	16,618	3,926,965	273,643,273
Average household size	2.48	2.47	2.59
Families	4,620	1,104,398	71,787,347
Average family size	2.97	2.97	3.14
Housing units	7,209	1,750,927	115,904,641
Occupied units	6,703	1,590,647	105,480,101
Vacant units	506	160,280	10,424,540

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November 20, 2008

Local Information for Georgetown, KY

Latitude: 38.214542 -- Longitude: -84.555496

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