"Home building and sales are falling more sharply in the Charlotte area than nationally, a sign the housing slump is worsening in what has been one of the country's stronger markets"
Some of the causes:
Multiple market forces at work
High foreclosure rates, tougher lending practices and rising prices for gas, food and other goods have slashed housing sales nationwide. The slowdown has threatened to push the economy into recession and prompted proposals for billions of dollars in tax rebates and other steps to stimulate spending.Some cities, including Miami, San Diego and Las Vegas, also have seen double-digit declines in housing prices, according to the S&P/Case-Shiller Home Price Index released Tuesday. Others were hurt further by regional economic woes, such as Detroit's fallout from the ailing domestic auto industry.
Double-digit housing declines
Appraiser Charlotte North Carolina
Thursday, January 31, 2008
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