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Old 06-04-2013, 07:29 AM
 
Location: Mars
520 posts, read 772,088 times
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A quick drive thru most of the areas show new constructions and a building boom in Charlotte metro area.

Home prices have risen almost 6%
Charlotte home prices rise 6.2% from a year ago | CharlotteObserver.com

Addtional trends around real estate is here
Charlotte average and median listing prices - Trulia.com

Unemployment remains at 8.8% in Meck County. The reduction in unemployment rate has been just 2 percent points in last 3 years.

How can this property rise be sustained? I see another property price bust and we going to back to 2008/09 level.

Or is this boom really driven by solid fundamentals?
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Old 06-04-2013, 07:33 AM
 
Location: Mars
520 posts, read 772,088 times
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According to Chamber of commerce the unemplyment rate is 9.1
http://charlottechamber.com/clientup...employment.pdf
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Old 06-04-2013, 07:40 AM
 
7,672 posts, read 9,915,009 times
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I think it will come down a bit after the summer. But not a huge drop/bust.
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Old 06-04-2013, 08:15 AM
 
533 posts, read 767,477 times
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Inventory is very low atm. Interest rates have skyrocketed .6 in 1.5 months. If you were on the fence about buying a house, well your more likely under contract to purchase atm
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Old 06-04-2013, 09:10 AM
 
Location: Charlotte NC
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I don't think there is a bubble... Charlotte is still hot.
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Old 06-04-2013, 09:30 AM
 
Location: Durham UK
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I wonder how the reduced availability of tradesman (plumbers, dry wallers, framers etc) has affected the market? Lots of tradesmen left when things got bad and now it seems harder to find sub-contractors and their charges are increasing again.Everyone wants the work done on their homes now!
I've also heard that building material prices have risen substantially since Jan this year.

Things are definitely selling around here- far more quickly and for higher prices than 2010, even older and more unusual ones and there are far fewer homes available in certain price brackest. Our neighbors just sold a 1/2 acre heavily wooded lot with a shared boat dock down and across the street for $90k and a 2000 sq ft waterfront brick 1960s (remodeled) just sold for $605k. That's what they paid for it in 2007 (it had already been remodeled).
We're not in "The Point" and don't have any community facilities (or HOA) but for people that like lots of different housing styles, ages and sizes, trees, the lake and close proximity to everything it's quite a desirable area.

I find it amazing that after years of everyone "talking the market down" now everyone is "talking it up". Just what we expected really- and it works too!
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Old 06-04-2013, 09:56 AM
 
Location: Charlotte NC
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Quote:
Originally Posted by Whatsthenews View Post

I find it amazing that after years of everyone "talking the market down" now everyone is "talking it up". Just what we expected really- and it works too!
Not sure what you mean by "talking the market down"

We witnessed the craziest housing bubble and bust since the depression. I don't think anyone talked these things into happening.
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Old 06-04-2013, 11:38 AM
 
106 posts, read 152,702 times
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Sure there is a bubble. Salaries don't support house prices and the workforce has shrunk to the size that it was in 1979. How can there be a bubble?

The Federal Reserve is printing upwards of $80 billion each month and using it to buy stocks and mortgages from the banks. (on top of the government borrowing) QE, qualitative easing, means they reduce the quality of the $ by printing more of it. Banks love it. They are making huge profits again. Everyone else loses.

They will eventually have to stop QE, or the $ becomes worthless. When it happens, pop goes the weasel. Until it happens, the majority will refuse to believe anything is wrong and they will get fleeced just like they did in 2008/09. People in Charlotte who are buying now are gonna get burned again.
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Old 06-04-2013, 01:01 PM
 
Location: Charlotte NC
11,723 posts, read 9,374,209 times
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Quote:
Originally Posted by cltlilly View Post
Sure there is a bubble. Salaries don't support house prices and the workforce has shrunk to the size that it was in 1979. How can there be a bubble?

The Federal Reserve is printing upwards of $80 billion each month and using it to buy stocks and mortgages from the banks. (on top of the government borrowing) QE, qualitative easing, means they reduce the quality of the $ by printing more of it. Banks love it. They are making huge profits again. Everyone else loses.

They will eventually have to stop QE, or the $ becomes worthless. When it happens, pop goes the weasel. Until it happens, the majority will refuse to believe anything is wrong and they will get fleeced just like they did in 2008/09. People in Charlotte who are buying now are gonna get burned again.
I don't think anyone will get burned like 2008/09...

housing prices were crazy inflated in 2008.
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Old 06-04-2013, 06:25 PM
 
Location: Inactive Account
1,508 posts, read 2,478,774 times
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Charlotte appears to be a rational market right now. Nicely prepared properties in good locations sell easily. It's not anything like 2006 during the condo flipping craze.
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