USA Today article on Charlotte - Thoughts? (for sale, loans)

[cltsig]

The article doesn't make it seem as bad as it either is or could be.

Banking blues hit Charlotte - USATODAY.com

[Brooklyn_QueenBee]

Charlotte is suffering but not as much as other cities. The banking industry is a major source of income for a large portion of Charlotte. It does seep into other companies and the surrounding businesses, which encompasses certain communities. We are feeling a trickle down affect, but its not as bad as it could be. If we continue to suffer, it will trickle down more and more. Those who business work closely with the banks definitely feel the crunch. It would be at least 2010, before the banks begin to make the some of the loans of the heydays. Everything at this point is being handled delicately with care. Until banks start lending (responsibly) we will see decline in housing, restaurants, hotel, hospitality industry and etc.

Many people I know of has left NC and NY for other states with jobs, especially the lawyers and middle and upper level bankers. I know of support staff who are looking into DC and Atlanta for jobs. So, yes its' scary out here. I drove around Charlotte for 3 hours on Sunday and saw many homes for sale. It is eerie...

[aag-charlotte]

I really don't think it's going to be that bad... it will be a long time before Wells makes any major decisions on what happens to Wachovia, and even then I bet they stay hands-off for the most part.

[CouponJack]

Originally Posted by aag-charlotte

I really don't think it's going to be that bad... it will be a long time before Wells makes any major decisions on what happens to Wachovia, and even then I bet they stay hands-off for the most part.

No one knows what's going to happen (except insiders) and the timeframe its going to happen (between Wells-Wachovia). We can only hope that its as smooth of a transition as can be.

Things are already falling apart. All the construction uptown was planned and started on before the downturn hit. Look at the new permits issued...very little....bad sign. Don't even ask about residential.....

Its going to take a long time for things to shake out commercially (and residentially) in the area... which is not a bad thing over the long term....in the next few years things will be bad IMO.