by Jason | Feb 2, 2011 | Charlotte Area News and Information
It’s official, Charlotte will host the 2012 Democratic National Convention. Charlotte beat out 3 other cities including Cleveland, Ohio; St. Louis, Mo.; and Minneapolis, Minn.
“We’re honored that the Democratic National Committee chose Charlotte to host its 2012 convention,” said Charlotte Mayor Anthony Foxx. “Thanks to the hard work and support of so many throughout our community, we have an unmatched opportunity to show the world what a beautiful, energetic, innovative and diverse city we are building in Charlotte. As we tell the story of Charlotte, and what a great place our city, state and region are to live and do business, we also will tell the story of America to our fellow citizens and our neighbors around the world.”
Duke Energy Corp. CEO Jim Rogers, who co-chairs the Charlotte In 2012 organizing committee with Mayor Foxx, added, “Charlotte’s selection clearly elevates our city to a new level in national and world stature. Only a few singular events in the U.S. rival the domestic and worldwide media exposure of a major political convention: a presidential inauguration, a royal wedding, the Super Bowl and the Olympics. The economic and reputational significance of being chosen for this honor cannot be overstated.”
The convention, scheduled during the week of Sept. 3, 2012, will attract an estimated 30,000 to 35,000 delegates, national and international media and key policy and political leaders.
Charlotte’s walkable, well-designed center city will offer delegates and visitors easy access to a wide variety of restaurants, entertainment and attractions, ranging from the four-venue Levine Center for the Arts to the newly completed NASCAR Hall of Fame.
North Carolina Gov. Bev Perdue and other political leaders in North Carolina and South Carolina played key roles in supporting Charlotte’s bid for the convention. “Today’s decision is fantastic news for North Carolina regardless of your political party,” said Gov. Perdue, honorary chair of Charlotte In 2012. “A national political convention is a keystone event that will boost North Carolina’s economy, while showcasing Charlotte and our state to the nation and the world. What they will see when they get here is what hundreds of businesses already know – Charlotte’s smart investments in infrastructure, cultural attractions and amenities have produced a climate perfect for work and play.”
Charlotte’s bid also was backed by Republican leaders. “Some issues are partisan. This one is not,” wrote former North Carolina Gov. Jim Martin and former Charlotte Mayor Richard Vinroot in a Charlotte Observer opinion column. “We are proud Republicans. But we are also proud advocates of Charlotte and North Carolina, and believe that bringing the 2012 Democratic Convention to Charlotte represents an unprecedented economic development opportunity.”
Will Miller, acting executive director of Charlotte In 2012, said there will be a multitude of opportunities to participate in planning and hosting the convention. For details, watch for updates on www.CharlotteIn2012.com, Facebook (www.facebook.com/CharlotteIn2012) and Twitter (@CharlotteIn2012).
by Jason | Dec 22, 2010 | Charlotte Area News and Information
Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October, but are 27.9 percent below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit.
Lawrence Yun, NAR chief economist, is hopeful for 2011. “Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable,” he said.
Yun added that home buyers are responding to improved affordability conditions. “The relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970,” he said. “Therefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011.
The national median existing-home prices for all housing types was $170,600 in November, up 0.4 percent from November 2009. Distressed homes3 have been a fairly stable market share, accounting for 33 percent of sales in November; they were 34 percent in October and 33 percent in November 2009.
Foreclosures, which accounted for two-thirds of the distressed sales share, sold at a median discount of 15 percent in November, while short sales were discounted 10 percent in comparison with traditional home sales.
Total housing inventory at the end of November fell 4.0 percent to 3.71 million existing homes available for sale, which represents a 9.5-month supply4 at the current sales pace, down from a 10.5-month supply in October.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said good buying opportunities will continue. “Traditionally there are far fewer buyers competing for properties at this time of the year, so serious buyers have a lot of opportunities during the winter months,” he said. “Buyers will enjoy favorable affordability conditions into the new year, although mortgage rates are expected to gradually rise as 2011 progresses.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.30 percent in November from a record low 4.23 percent in October; the rate was 4.88 percent in November 2009.
“In the short term, mortgage interest rates should hover just above recent record lows, while home prices have generally stabilized following declines from 2007 through 2009,” Yun said. “Although mortgage interest rates have ticked up in recent weeks, overall conditions remain extremely favorable for buyers who can obtain credit.”
A parallel NAR practitioner survey shows first-time buyers purchased 32 percent of homes in November, the same as in October, but are below a 51 percent share in November 2009 from the surge to beat the initial deadline for the first-time buyer tax credit.
Investors accounted for 19 percent of transactions in November, also unchanged from October, but are up from 12 percent in November 2009; the balance of sales were to repeat buyers. All-cash sales were at 31 percent in November, up from 29 percent in October and 19 percent a year ago. “The elevated level of all-cash transactions continues to reflect tight credit market conditions,” Yun said.
Single-family home sales rose 6.7 percent to a seasonally adjusted annual rate of 4.15 million in November from 3.89 million in October, but are 27.3 percent below a surge to a 5.71 million cyclical peak in November 2009. The median existing single-family home price was $171,300 in November, which is 1.2 percent above a year ago.
Existing condominium and co-op sales declined 1.9 percent to a seasonally adjusted annual rate of 530,000 in November from 540,000 in October, and are 32.2 percent below the 782,000-unit tax credit rush one year ago. The median existing condo price5 was $165,300 in November, down 5.5 percent from November 2009. “At the current stage of the housing cycle, condos are offering better deals for bargain hunters,” Yun said.
Regionally, existing-home sales in the Northeast rose 2.7 percent to an annual pace of 770,000 in November but are 33.0 percent below the cyclical peak in November 2009. The median price in the Northeast was $242,500, which is 9.2 percent higher than a year ago.
Existing-home sales in the Midwest increased 6.4 percent in November to a level of 1.00 million but are 35.1 percent below the year-ago surge. The median price in the Midwest was $138,900, down 1.1 percent from November 2009.
In the South, existing-home sales rose 2.9 percent to an annual pace of 1.76 million in November but are 26.1 percent below the tax credit surge in November 2009. The median price in the South was $148,000, down 2.6 percent from a year ago.
Existing-home sales in the West jumped 11.7 percent to an annual level of 1.15 million in November but are 19.0 percent below the sales peak in November 2009. The median price in the West was $212,500, up 0.4 percent from a year ago.
To read the full report, visit www.realtor.org.
by Jason | Dec 20, 2010 | Charlotte Area News and Information
People began arriving at the Billy Graham Library as early as 4:30 this morning for a book-signing with former President George W. Bush and his wife Laura Bush.
Officials handed out wristbands to the first 1,000 people. The wristbands will allow the visitors to attend the book-signing, as long as they’ve purchased the books released by the President and his wife.
The library will be closed to the public until the book-signing event has ended. It will reopen later this afternoon for the nightly Christmas celebration that takes place every evening until Christmas.
by Jason | Dec 17, 2010 | Charlotte Area News and Information
To better manage its Human Resources and Finance Services, BAE Systems, Inc. will create a service center in the Charlotte, North Carolina, area during 2011.
“The consolidation of all of our company-wide processes and services for Human Resources and Finance into one shared services center is essential to improving performance, reducing costs and improving competitiveness,” said Linda Hudson, president and CEO of BAE Systems, Inc.
Hudson said Charlotte was selected after a nationwide search for a location with skilled talent, easy access, suitable facilities and an affordable life-style.
The center is anticipated to be operational in the second half of 2011 and will employ approximately 176 employees.
“We appreciate the leadership of Gov. Bev Perdue and other government officials who have worked diligently with us to make this a reality. This is good news for Charlotte and good news for BAE Systems.” Hudson said.
