This news will not surprise Meck Deck readers, who know that Charlotte has lagged the national housing correction and could not, would not avoid it.
It was sophistry of the first degree for supposed local real estate experts to repeatedly claim that because the QC did not have speculative frenzy like Vegas or Miami there was essentially nothing to correct. Not so, as prices will reflect. There no reason not to expect a 10 percent haircut on single-family homes, perhaps more in particularly overbuilt areas and price-points.
Prices probably will not resume a solid upward track until the middle of next year at the soonest. Nothing to jump out the window over, but a reality that cannot be ignored either. Yet ignored it will be by the county’s re-val process that almost certainly will overstate property values, forcing homeowners next year to pay tax on phantom value.
