Harry Jones’ Emerging Double-Dip Sun
As county manager Harry Jones was pitching his recommended $1.4-billion budget that accelerates county spending while dramatically increasing the tax burden on a majority on homeowners, he assured that the moment was right for a so-called “re-investment” spending spree.
“Although the winds of change continue to swirl around us, we find ourselves once again standing on stable ground,” Jones opined during his budget presentation. “More recently, though, we’ve seen the sun emerging from the darkness of the Great Recession.”
Some sun: Charlotte area home prices followed a national trend and tanked to their lowest levels since the housing bubble popped – down nearly 7 percent in Charlotte from a year ago – sending the overall national market into a double dip, according to the S&P/Case-Shiller home-price index released Tuesday:
“This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation. The National Index, the 20-City Composite and 12 MSAs all hit new lows with data reported through March 2011. The National Index fell 4.2% over the first quarter alone, and is down 5.1% compared to its year-ago level. Home prices continue on their downward spiral with no relief in sight.” says David M. Blitzer, Chairman of the Index Committee at S&P Indices. “Since December 2010, we have found an increasing number of markets posting new lows. In March 2011, 12 cities – Atlanta, Charlotte, Chicago, Cleveland, Detroit, Las Vegas, Miami, Minneapolis, New York, Phoenix, Portland (OR) and Tampa – fell to their lowest levels as measured by the current housing cycle. Washington D.C. was the only MSA displaying positive trends with an annual growth rate of +4.3% and a 1.1% increase from its February level.
“The rebound in prices seen in 2009 and 2010 was largely due to the first-time home buyers tax credit. Excluding the results of that policy, there has been no recovery or even stabilization in home prices during or after the recent recession. Further, while last year saw signs of an economic recovery, the most recent data do not point to renewed gains.”
This will be the fourth straight month that Charlotte home prices have sunk to new lows since their pre-recession peak, with no end in sight according to the experts. Just a little something to remember when you get that emerging sunshine property tax bill in the mail, courtesy of Jenny & The Debts and Cosmic Harry.
We need your help! If you like PunditHouse, please consider donating to us. Even $5 a month can make a difference!
Short URL: https://pundithouse.com/?p=6374
