The UPoR has an article out today on how the Charlotte-area housing market is getting a bit healthier. Healthier is a relative term though:

Still, the housing market remains challenging even for those who can afford to pay their mortgage. Thursday, real estate research firm Zillow released data showing the Charlotte metro area is underwater by $6.9 billion. About 130,000 area homes are thought to be underwater. This affects 36.4 percent of Charlotte-area homeowners.

Nationally, 31 percent of U.S. homeowners are estimated by Zillow to be underwater.

Ouch. So a very long way to go indeed before things are back to a pre-housing bubble normal.