It is suggested that beauty lies in the eye of the beholder. I guess you could say the same about economic news.

This year we have watched politicians and pundits put their spin on every report, from employment news to retail sales. And, depending on your particular bias, you found the data to be either encouraging or disappointing. Good news is considered bad and vice versa.

But, when you get right down to it, numbers are numbers. That's why a couple of reports out last Thursday offer an encouraging snapshot of the national and California economy.

Probably my favorite piece of economic news is something called the Flow of Funds issued quarterly by the Federal Reserve. Simply put, it is a measure of household wealth in this country. Take all of the assets owned by Americans and subtract all their debts and you come up with a net number.

According to the Fed, household wealth in the United States rose to $46.68 trillion in the third quarter of this year. In other words, if we sold everything we own and paid off all of our bills, we'd still be left with nearly $47 trillion. I don't know about you, but I find that to be a staggering number.

Of course, some people still tried to put a negative spin on the report. One headline I saw said, "Household debt rises 9.1 percent in third quarter." True, but the value of assets rose more than our debts.

Yet another report on Thursday addressed the health of the real estate market. According to the Mortgage Bankers Association, the percentage of U.S.households facing foreclosure fell to a four-year low in the third quarter. Just 1.14 percent of the 38.2 million residential properties that carry a mortgage were forced on the block for sale. Here in California, the foreclosure rate was an anemic 0.24 percent, the lowest in the United States.

To put it in other terms, there are only 246 houses in all of California that are currently in foreclosure. That compares with more than 2,500 in Colorado and 4,800 in Indiana.

Once again, there are doubters. The Anderson Schoolat UCLA also reported last week that the nation -- especially California -- is caught in a scary real estate bubble. I guess they don't teach supply and demand economics at UCLA.

Financial news is just like the weather and sports: Everybody has an opinion. Ask people if they think the Chargers are going to the Super Bowl and you'll get a bunch of different responses. Wonder if it's going to rain? Just ask. And, the same thing happens when you get into a talk about housing prices.

My guess is I qualify as a guy that finds the economic glass is half full rather than half empty. I think things look pretty good going into 2005. But, just like tomorrow's weather or next Sunday's football game, we won't have to wait very long to get the results.

George Chamberlin is a regular contributor to the North County Times and also is a TV and radio commentator. Contact him at geoc@cox.net.