Source: Dr. Mike Walden, NCSU COLLEGE OF AG & LIFE SCIENCES, 7/25/11

 

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Last year there was some optimism that the national housing slump was easing. But that slump appears to have returned this year. And N.C. State University economist Mike Walden says we’re seeing the same situation in North Carolina.

“North Carolina’s housing situation actually had been a little better than the nation. We, for example, did not go through such a housing boom as the nation did.  That is, the increase in housing prices weren’t as great as in the nation.

“And in the first couple of years of the recession, declines of housing prices in North Carolina weren’t as great. Now about a year ago, economists were pretty optimistic about the housing market, because we saw both in the nation and here in North Carolina those declines in housing prices get very, very small — in fact, almost zero declines.

“But in the last year, unfortunately, the declines in housing prices have re-emerged. And what is more troubling for North Carolina is that those declines on a percentage basis are now equaling the declines we’re now seeing at the national levels.

“So, the housing market is still very challenging, and it’s challenging not only in the nation but it’s certainly here also in North Carolina.”