Outpacing the rest of the Nation...
Continued strength and resistance to the national trends seems to be the order of the day. While we have seen some impact to segments of the market here in Raleigh, there are still segments that seem to continue to chug forward.At a recent economic summit here in Raleigh the Chief Economist for the National Home Builders Association had this to say:"Seiders projected that national home sales will hit their nadir in the current quarter, and that housing starts will begin to rise in the third quarter of this year.But, he added, the housing market in North Carolina will continue to outpace the nation's. Housing starts across the country this year should fall about 20 percent, but in North Carolina, the decline should be about half that, Seiders said. North Carolina didn't experience the "runaway housing appreciation" that occurred in markets such as Las Vegas and Florida. So now it's cushioned somewhat from the steep declines in housing prices and housing starts happening elsewhere, Seiders said.Likewise, Custer[CEO of RBC Centura, Raleigh based bank] noted that North Carolina was one of only a handful of states where housing prices appreciated 4 percent or more last year."We're very fortunate to live and be able to do business in North Carolina," he said.
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