Don’t know why this was not a bigger story. The Charlotte Business Journal reports:
Existing-home sales in the Charlotte market fell 29 percent last month to 2,734 from 3,852 in June 2007, according to the N.C. Association of Realtors.
The average sales price dropped 6 percent to $233,670 from a year earlier.
Imagine the impact the Wachvia and US Airways troubles with have on the market going forward. I would expect another 10 percent pullback between now and next year, which will leave Mecklenburg County residents with tax valuations possibly much higher than market value.
I told you this was gonna be fun.
