Charlotte Housing Sales Now in Thick of Downswing

The Association reports 27-percent fewer homes were sold in September than in the same month last year. And home prices for September dropped nine-percent from the year before. Association President Dot Munson says in her 24 years as a real estate agent, she has not seen the housing industry hit from all sides, the way it's been these days. She says it's getting tougher for home buyers to get a loan. And now there's the worry that newcomers to Charlotte bring with them. Munson says, "Our biggest problem right now that I see is people that cannot sell their house elsewhere and it is now significantly affecting the sales in Charlotte." Munson says even homebuilders aren't able to get loans for projects. She says she's also noticed that the uncertainty over who will own Wachovia is affecting prospects for sales.