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 Beaumont, TX

Latitude: 30.079912 -- Longitude: -94.126653

ZIP Codes for Beaumont, Texas	77657 77701 77702 77703 77704 77705 77706 77707 77708 77709 77710 77713 77720 77725 77726
Area Code for Beaumont, Texas	409
Time zone for Beaumont, Texas	CST

Other Area Cities: Groves, TX Beaumont, TX Vidor, TX Port Neches, TX Nederland, TX Port Arthur, TX

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Beaumont is a city in and county seat of Jefferson County, Texas, United States, within the Beaumont–Port Arthur Metropolitan Statistical Area. The city's population was 113,866 at the 2000 census. With Port Arthur and Orange, it forms the Golden Triangle, a major industrial area on the Gulf Coast. Lamar University is based in Beaumont. The city's daily newspaper is The Beaumont Enterprise, while The Examiner is published weekly. Gulf States Utilities had its headquarters in Beaumont until its absorption by Entergy Corporation in 1993. GSU's Edison Plaza headquarters is still the tallest building in Beaumont (as of 2007). Since 1907, Beaumont has been home of the South Texas State Fair. In 2004, the venue for the Fair changed to Ford Park, a new, larger facility on the west end of Beaumont. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Beaumont	Texas	United States
Population	113,866	20,851,820	281,421,906
Median age	34.5	32.3	35.3
Median age for Male	32.6	31.3	34
Median age for Female	36.2	33.4	36.5
Households	44,361	7,393,354	105,480,101
Household population	110,797	20,290,711	273,643,273
Average household size	2.5	2.74	2.59
Families	29,113	5,247,794	71,787,347
Average family size	3.12	3.28	3.14
Housing units	48,815	8,157,575	115,904,641
Occupied units	44,361	7,393,354	105,480,101
Vacant units	4,454	764,221	10,424,540

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November 20, 2008

Local Information for Beaumont, TX

Latitude: 30.079912 -- Longitude: -94.126653

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