Charlotte NC Bucks Trend In Housing Downturn
The Charlotte NC housing market is booming as jobs continue to outstrip the supply of homes. The U.S. Department of Commerce ranks Charlotte number one in 2007 in its affordability index for cities with population between 400-thousand and 1-million. Housing permits have skyrocketed year after year. In 2006, residential building shot up 33 percent to more than 18-thousand single-family and apartment units.
The inventory of new homes on the market remains relatively lean and building moratoriums in some surrounding areas are keeping a relatively tight lid on new supply. Even though Charlotte is one of the nation’s largest financial centers, the city has largely escaped a direct hit from the housing slump and mortgage market troubles.
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