Charlotte NC- Good Housing and Economic News
October 26th, 2009 Categories: About Charlotte, Buy A Charlotte Home, Charlotte Business, Charlotte First Time Home Buyers
Unemployment DOWN, Existing Home Sales/Home Prices UP, Charlotte On The Rebound?
Yes, it is too early to declare the recession over. However, these are some encouraging signs–more than the “just getting worse slower” We have strong economic reports and increasing home prices again… the details below
Mecklenburg County Unemployment fell .3 % from August’s 11.3 to 11% in September
The region, Charlotte/Gastonia/Concord dropped .2%. Hickory/Lenoir/Morganton region dropped .5% to 14.1. In all, unemployment fell in all 9 counties I watch closely.
The Charlotte Chamber of Commerce announced that job creation is well ahead of 2008’s pace, and jobs are growing here faster than the last few years, hopefully signs of good times ahead. Area employers announced new jobs of 11,527, up from 9,552 last year. This good news was tempered by substantially lower capital investment numbers-from $1.75 billion in 2008 to $784M through the first3 quarters of 2009
The energy sector is growing as the world sees a larger commitment to nuclear power coming and Duke Energy’s HQ here makes all the difference. Health care is strong here as well , with two major hospitals competing and Premier Health Care relocating corporate headquarter’s here…Personally, we’ve moved several doctors this year.
Johnston and Wales University announced plans to expand its Uptown presence building a 30,000 square foot recreation center. The building will house a gymnasium, locker rooms, and places for student activities to meet…we’ll keep an eye onit. Johnston and Wales opened in 2004 in Charlotte with the plan to close its Richmond and Charleston campuses.
Wells Fargo reported increased earnings,$2.6B for the 3rd quarter, even as credit losses rose and Bank of America reported record 3rd quarter losses of 2.24B… and that Ken Lewis wouldn’t be getting a bonus in 2009.
Housing Prices Bottomed and Moving Back Up Slowly
Charlotte is a part of the well regarded Case-Shiller 20 city Home Price Index, and has had the 5th least price drop of the 20 major cities measured. This summer, Charlotte’s price index had 3 consecutive months of increasing home prices through July, the latest month reported. Home prices are still down more than 9% from a year ago, but they are moving in the right direction. Prices have now risen 3 months in a row and 4 of the last 5 months, Charlotte home prices hit bottom and are bouncing back.
ED NOTE: August C-S report slightly lower prices in August-still nearly 2% above February low
The number of foreclosures fell 6% in NC in the 3rd Quarter according to Realty Trac, the soure for foreclosure information.
Nationally, existing Home Sales up 9.4% from August pushed by first home buyer tax credits. It’s happening here in Charlotte too…as home sales under $200k are about 66% of our market in September as reported in the CarolinaMLS.
Charlotte Job creation up, housing sales up, home prices up… Take that Washington Post! Happy Monday!
Terry McDonald, Charlotte NC
Related Videos and Posts
Charlotte Homes – An Introduction to Charlotte, You Tubes #1 Video Charlotte NC
Charlotte Custom Homes Luxury Homes- Charlotte update and Luxury home report combined
Charlotte Homes For Sale- A Market Report Through 3 Quarters 2009
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
First Home Buyer Alert
Yes, there is still time to get in before November 30, The TAX CREDITS WERE EXTENDED! hopefully you are far enough along and getting ready to make an offer. The IRS is not flexible, their deadline for contracts is April 30, Closings July 30, 2010. Call me and I’ll help you put it together. 704-351-1519
Home buyers, our $500 Gift card program has been extend to 12/31 and now applies to All Home Buyers who close begore 12/31/2009. Use us as your buyer agents, and within a few days of closing receive a $500 Gift card good at Ikea, Pottery Barn, Crate and Barrel or Lowe’s Home Improvement Center. Call me today and we’ll get you started.
; ?>/images/MatoChiclet.gif)
