Helen Adams in the News!
LP on News 14
CHARLOTTE — The Charlotte and Mecklenburg County housing market is healing. That’s what National Association of Realtors Chief Economist Lawrence Yun said during a conference Tuesday morning.
Yun says sales have increased for two straight years and inventory is falling. He says that’s a good indicator that the housing market is finding an equilibrium.
“By this time next year, provided there is a continuing job addition in the economy, the housing market is set to return to healthy status,” said Yun.
Dr. Yun says that improvement could be derailed if two things happen.
First, he says new home construction needs to improve. He says current building is at a stand still because banks aren’t lending to builders. He says the new home inventory is at a 40 year low. He says the lack of inventory could cause a housing shortage and prices to spike.
Second, Yun says Washington lawmakers are considering a proposal to raise required down payments for some home buyers to 20 percent. He says the proposal is intended to avoid another housing bubble. Yun says the legislation could stall or damage the housing market.
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