After all the “gloom and doom” from the media, finally the “good” news

After the all the “gloom and doom” press coverage of the real estate and housing market this year, it is finally refreshing to be getting a large dose of good news. Here are a few of the highlights:

• HUD says it plans to allow first time home buyers to turn their $ 8,000 tax credit into a down payment on their first home. Since cash for the down payment is still a big hurdle for a lot of first time buyers, this is terrific news. We’ll keep you posted on the final timing of this.
• The National Association of Home Builders (NAHB) reports that home builders and developers across the country are more optimistic about the housing market. Their Housing Market Index rose to 16 in May after reaching any all time low of 8 in January. This bounce back of builder confidence is just another indicator that we’re climbing back out of the economic downturn. My prediction: this year will just keep getting better. By spring 2011, home building, buying and selling are back in full swing.
• Meanwhile, the NAHB’s Housing Opportunity Index, which measures home buyer purchasing power, rose to its highest level in 18 years. The index shows that a family earning $ 64,000 (the median family income in the United States right now) could afford to buy 73 percent of all homes sold in the first quarter of 2009. What does this mean to today’s homebuyer? Buy now while you can get the most home for your money.

Before I sign off, I’d like to offer my two cents on the “gloom and doom” approach by most of the traditional media to the current economic downturn. This is a self fulfilling prophesy and will only net us more “gloom and doom.” We need to remember that consumer confidence and optimism is the driving force to success in any industry. It is still all about the power of positive thinking. Opportunity and preparation are key ingredients to success. But without a positive attitude, nothing good is going to happen.