Slowdown begins here, but economist is optimistic

MARK JOHNSON

mjohnson@charlotteobserver.com

RALEIGH – Those "For Sale" signs in neighbors’ yards will determine the direction of both North Carolina’s economy and the state’s cash flow, legislative economists told state lawmakers Tuesday.

"The real estate slowdown has finally arrived in North Carolina," said Barry Boardman, economist for the General Assembly’s fiscal research division, during a briefing for legislators.

Statewide real estate conveyance tax collections went from 21 percent growth in January through March of last year to 2.2 percent growth for July through December.

But an economist with the National Association of Realtors told the Observer that North Carolina has good reason to be optimistic. A slowdown in North Carolina won’t look like steep drops in some other states. (more…)