http://www.charlotteobserver.com/597/story/303023.html
Mecklenburg county has not decided whether to go forward with the revaluation in Januray of 2009. The vote will take place on December 2. For more information click on the link above.
Click here for details on the recent Housing Rescue and Foreclosure Prevention Act of 2008 that was signed by President Bush last week. In an attempt to restore confidence in the housing market, this measure provides for stronger regulatory oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
Many opinions abound regarding this significant piece of legislation. A good summary was provided by Business Week, which can be found here.
Found the following post on a great appraisal blog (Soapbox) with another take on the impact of increasing energy costs on the valuation of real estate. Insightful observations on the impact of location and home quality vs. size to overall value.
Bigger Is Not Always Better
It will be interesting to see how the ostensibly never-ending increase in gas prices may impact our area's real estate values. An old article titled Could rising gas prices kill the suburbs? poses some interesting questions.
With many economists predicting that the high cost of gas is here to stay, how much of an additional premium will buyers pay for real estate near our city center? Has property along the LYNX light rail become that much more valuable? How tough a sell will it be to command a premium for suburban neighborhood properties 25+ miles from uptown? Recent announcements of new mixed-use developments similar to Birkdale Village and Phillips Place would seem to suggest people don't want to have to hop in the car more than they have to.
We'll continue to monitor the impact of these trends for overall real estate market in our area. In the meantime, let us know what you think and where you believe this trend is headed.
Look no further than a study posted yesterday by the Ewing Marion Kauffman Foundation that suggests the current instability of our economy may actually hold a golden egg for the United States.
The report proposes that mature, declining businesses are ultimately replaced with new, more productive ones. Workers move to these new jobs, leading to increases in productivity and a higher standard of living.
The light at the end of the tunnel for our country seems clear. All things economic are cyclical. We will see an expansion of our economy and when we do, we will be stronger for it. This would seem to bode especially well for our Charlotte-Mecklenburg region, as we have a strong track record of entrepreneurship and support for new business.
The report makes for a quick read. To view, please click on the link to Young Businesses, Economic Churning, and Productivity Gains. You'll need Adobe Reader to view, so click on our link to download if you haven't already.
In the midst of all the doom and gloom that sourrounds the enonomy, there is good news for those that live in Charlotte, NC region. Charlotte continues to avoid the significant declines in real estate around the country and actually continues to see prices increases.
Check out the article "Charlotte home prices still gaining" from the Charlotte Observer for more detail.
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