The nine-county Charlotte housing market is no longer inching its way back to a recovery. It is zooming back. But – and this is a pretty big “but” – it is not roaring back, and that’s because builders don’t have enough inventory of completed homes to satisfy pent-up demand.
Solid gains in both single-family and multifamily housing production is reported by the National Association of Home Builders. Nationwide, housing starts rose 12.1 percent to a seasonally adjusted annual rate of 954,000 units in December, according to newly released data from the U.S. Commerce Department. This is the highest level of new home production since June of 2008.
The housing market is getting healthier. The number of foreclosed and real estate-owned properties on the market is diminishing, thus pushing home prices up to more realistic levels. The foreclosure inventory has been falling as requirements from the national mortgage settlement "influence the pace of first-time foreclosure starts," Lender Processing Services stated in a recent report.
According to just-released, year-to-date data compiled by the Home Builders Association of Charlotte, Mecklenburg County had issued 1,911 building permits worth $300.5 million as of Oct. 31 for the benchmark single-family detached house.
CHARLOTTE — Homes sales soared 35 percent in November over the same month last year, making the Carolina Multiple Listing Services area that much less of a buyer’s market. The CRRA reported the increase in sales Monday in its monthly market activity report. According to the report, November was the 11th straight month for year-over-year increases [...]
Will new uses for old facilities drive economic turnaround? By Sam Boykin CABARRUS Co. — It was a cold, gloomy February afternoon in 2004 when Tom Cotter first stepped inside the old Gibson Mill in Concord. “It was like a ghost town,” Cotter said. “There were still family pictures, Bibles and coffee cups on the desks.” [...]
By Sam Boykin CHARLOTTE — While several local staffing companies say they are seeing an uptick in business in recent months, some economists caution that economic recovery likely will be slow as unemployment remains in the double digits. Carolina Legal Staffing has taken on about 15 new clients in the last few months, Recruiting Director [...]
By Austin Light CHARLOTTE — When the economy went bottom-up, some professionals saw it as an opportunity to make lemonade from lemons. But now that Federal Reserve Chairman Ben Bernanke and other economists are suggesting the gears of recovery are starting to turn, those recession-based businesses could find themselves struggling to keep momentum. Will their [...]