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In a recent report Available Here, the Charlotte market continues to fare well amidst a Nation strongly affected by the woes in the housing and credit markets.
Here are the 20 cities covered by the Case-Shiller index, ranked from worst to best:
Detroit, down 9.7%: Tampa, Fla., down 8.8%; San Diego, down 7.8%; Phoenix, down 7.3%; Washington, down 7.2%; Miami, down 6.4%; Las Vegas, Nev., down 6.1%; Los Angeles, down 4.8%; San Francisco, down 4.1%; New York, down 3.8%; Cleveland, down 3.6%; Minneapolis, down 3.4%; Boston, down 3.4%; Denver, down 0.7%; Chicago, down 0.9%; Dallas, up 0.7%; Atlanta, up 1.2%; Portland, Ore., up 3.8%;Charlotte, N.C., up 6%; and Seattle, up 6.9%
Rex Nutting is Washington bureau chief of MarketWatch.
That's great walidm! It's good to hear that not everyone is suffering. I hope you had a hand in that.
That above is deceptive % has increased because of all the McMansions built which raised the avg. sales price...common for certain realtors or the NAR to promote this to mask the real problems. Talk to any builder in the Charlotte area and I can guarantee you they are suffering....
Charlotte is a buyer's market for sure right now (inventory is high and # of units sold YOY are way down), however if you put it in perspective, it shouldn't get as bad as the popular "bubble" areas...
Fortunately the number is real, the McMansion syndrome commonly touted (and not yet) quantified holds little if no weight, and appears to be the only answer to solid performing markets - "McMansions drive the price up - how many sold, what was the price and or how does this effects the data. Re: talk to a builder, they're suffering" - aren't they all? Nationwide? since they're National Companies? or are they faring better in the Charlotte & Seattle markets?
Theoretically would this hold the same weight in falling markets, since perhaps they can't sell McMansions and are nosediving the price? Homes over the 417K upper limit of FHA haven't fared well since the explosive increase in interest rates and jumbo lenders will tell you this - there has been a slight easing in the market as of late and hopefully this will continue as FHA continues to push for the ability to back more loans.
While I am extremely sympathetic to the National Market, real estate is local and the Charlotte market continues to fare well. I have relocated clients and understand the National market, and I haven't seen a study that shows a drop-off in persons moving to Charlotte.
The Charlotte market is -16% YOY in # of units sold. Inventory is way up. Builders are throwing incentives left and right at any qualified buyers. Again, what's happening nationally is happening here except on a smaller scale. Charlotte was just late to the party.
People WANT to move to Charlotte but cannot sell their home in NJ, NY, CA or wherever else they are coming from. Also, obv its much, much more difficult to get financing now. And have I mentioned the ARM's that will be resetting in '08?
I'm not saying things are "doom and gloom". This is extremely HEALTHY for our market so the rediculous growth can cool down.
The Charlotte market is -16% YOY in # of units sold. Inventory is way up. Builders are throwing incentives left and right at any qualified buyers. Again, what's happening nationally is happening here except on a smaller scale. Charlotte was just late to the party.
People WANT to move to Charlotte but cannot sell their home in NJ, NY, CA or wherever else they are coming from. Also, obv its much, much more difficult to get financing now. And have I mentioned the ARM's that will be resetting in '08?
I'm not saying things are "doom and gloom". This is extremely HEALTHY for our market so the rediculous growth can cool down.
Sorry, I don't look at many reports released to the public...I look at hard data and numbers from the actual system, which BTW is how I know your mansion theory doesn't hold weight. You don't quantify your data and often confuse National data with local figures. I understand it can be difficult to absorb why the Charlotte market is performing well; however, when one doesn't realize that builders have always offered tons of incentives during this time of the year, inventory usually falls during this time of the year, DOM usually increases during this time of the year, numbers of units sold should be down based on the National markets instability, and basing this years data on last years numbers creates a false floor and ceiling. Historically the 80's provide a much better measuring stick (possibly, even the 70's with the interest rates); however, with the globalization of todays marketplace and an understanding of how securities are packaged and sold you may find little comfort in that litmus test as well. I'd be very interested in your data on current inventory as this data would provide some value and possible credibility to your theories.
I will agree with you on one point - Market correction is a good thing
Sorry, I don't look at many reports released to the public...I look at hard data and numbers from the actual system,
Ok, give me examples of the "actual system" as you claim vs. the NC association of Realtors in terms of YOY # of units sold for Charlotte (which I've just provided you).
Ok, give me examples of the "actual system" as you claim vs. the NC association of Realtors in terms of YOY # of units sold for Charlotte (which I've just provided you).
Certainly - as soon as you clarify the price of a McMansion.
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