Friday Week in Review
October 2nd, 2009 Categories: About Charlotte
Ken Lewis will retire effective “before the end of the year.”
News I knew was coming but didn’t want to hear. Ken Lewis has been good for BofA, and until the shot gun wedding with the Treasury and Merrill Lynch, he’s won at every acquisition.
July home prices edge up again according to Case Shiller Index
Welcome news, 3rd consecutive month price were 1.2% higher in July then June- yes, still way off a year ago, but nevertheless the downward spiral sees to have stopped nationally and in Charlotte. This is Charlotte’s 2nd .6% gain in a row, and 3rd month of increasing prices according to the well-regarded Case-Shiller Index of 20 cities.
Housing Construction Rises 1.5% in August
This big headline is all but meaningless for us in the Residential field… the increase came as a result of an uptick in multi-family building- apartments. Not Single Families. With new home inventories as high as they are.. and with the high level of unsold homes, the new home industry needs to take a break… some think it will be a 5 year break.
August Consumer Spending Up
Personal spending rose 1.3% in August, the largest month to month jump since 2001. Durable goods increased 5.8%, compared to 1.8% in July… can anyone say Cash for Clunkers? Non-durable spending was also up a respectable 1.1%
Meanwhile, incomes were rising too, up .2% in August, the 2nd consecutive month.
Charlotte Chamber of Commerce reported 7500 new jobs created through July, more than the same period in 2008.
All this good economic news…now, if we can create more jobs nationally.
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Coming up, a look at the amenities in some of Charlotte’s best new communities.
First home buyers, time is running out on the $8000 tax credits, check the link behind woman on the right.
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