By Melissa Abramovitz

With widespread housing foreclosures, unemployment, and depressed stocks, it’s difficult to find an upside to the down economy these days. Yet, there are indeed some bright spots in this otherwise dismal economic phase.

1. The Housing Market (no, really!)
Back in March, Sacramento Bee reporter Jim Wasserman pointed out that Sacramento, being among the first cities to feel the housing market’s collapse, may also be among the first to emerge from the crisis.

Another bright spot on the housing front? “Home prices are indeed more realistic for first-time homebuyers to afford,” says attorney Sarah Litchney of Litchney Law in Roseville, which specializes in foreclosure and bankruptcy prevention.

Mortgage interest rates, which have not been this low in 40 years, are another reason why houses are now more affordable. “If you are buying a house and need a mortgage, these are the best of times,” says Jeff Rupp, a certified financial planner with US Bancorp Investments in Auburn. “I can’t say I have ever seen 15 and 30 year mortgage rates at less than 5%.”

For renters too, the down economy has proven to be a plus, as rents throughout the nation have dropped and property managers are increasingly willing to sweeten rental deals in order to lure or maintain tenants.

2. Fatter Piggy Banks
While news of the plunge in consumer spending—and its detrimental effect on businesses—is everywhere, here is a fact you might not have heard: in early February the U.S. Commerce Department reported that Americans boosted their savings rate to an average of 3.6 percent of their after-tax income, up from 1.7 percent in 2008. That rise in personal savings is positive for individuals, who by many indications are drifting towards a more sustainable lifestyle. Consuming fewer material goods and services can be good news for the planet too.

3. New Investment Opportunities
For those with cash to invest in stocks or mutual funds, the current market is good news too. “This is a great time since prices are low and the market is affordable right now,” says David Brown, a senior financial advisor with Ameriprise Financial Services in Roseville. “The recession will pass, and these investments will pay off in the not-too-distant future.”

4. New Life Opportunities
When Linda Burg, of El Dorado Hills, lost her job as a Human Resources Recruiter in the health care field, she decided to go to nursing school. “Losing my job sort of pushed me into this new opportunity," says Burg, who has always been interested in health care and likes the looks of a future in nursing. "After losing two recruitment jobs,” she says, “I realized that I wanted something more secure.”

She adds, “Now that one of my children has left home and the other spends more time at his dad's house, I felt that the time was right for me to go back to school.” Burg has already started on her new career path. She is taking prerequisite courses, and enjoying them. “I'm excited (and nervous) about going into nursing,” she says.

5. Family Fortitude
While financial fears and general anxiety are straining plenty of relationships, a crisis like this recession can have a surprisingly positive effect on others. In a February blog post at MomLogic.com, author Marilyn Kentz revealed that losing their home and financial assets actually improved her relationship with her husband.

“Before our financial downfall, we were on autopilot. He was doing his thing and I was doing mine…” They talked, she writes, maybe ten or fifteen minutes max each day. “Now we are facing our challenge as a team, and our relationship is so much stronger. Rather than talking about our huge financial loss, we are using different language – calling it a fresh start… and every night we sit outside and plan our future and profess our love.” Katz’s experience is probably not typical, and her attitude may not be easy to muster, but it’s a reminder, nonetheless, that hanging onto hope is its own reward, and that even “at zero” financially, those of us with families and friends still have much to cherish.

Melissa Abramovitz is a mother of two who lives and writes in Roseville.