“Builder” Magazine says Wilmington housing market “Best Bet” to recover this year

Builder Magazine recently presented their annual list of the top 20 real estate markets expected to see recovery and prospectively, a healthy year. Economist’s for Builder Magazine stated that the markets that benefit first will be the ones with the strongest core dynamics; places where house prices never got out of hand, cities where a diverse and progressive employment base drives job creation, and towns that draw population despite the economic recession. The Carolinas pulled in a total of seven cities on the list – Wilmington, being one of them. Many of the seven made the list because of the Carolina’s continuing reputation for a high quality of life, affordable housing, and growing employment prospects.

“The Cape Fear region making the top 20 Healthiest Housing Markets for 2010 is exactly what area building professionals and brokers need to hear. It’s a sign that their ability to respond quickly to the housing crisis by reducing inventory and shifting focus to areas of the market that remained profitable has paid off,” said John Lancaster, President of the Wilmington – Cape Fear Home Builders Association (WCFHBA).

The $8,000 first-time homebuyer tax credit has been the incentive buyers needed to start the comeback in the market, which has lead to the increase in housing production. The forecast for Wilmington’s total building permits for 2010 is said to be roughly 1,925 – whereas 2009 totaled at 1,827.

“Members of the WCFHBA have always been leaders in this market but we need help in rebuilding the local construction industry. We can’t do it alone. If our economy is to be a front-runner as projected by the economists in this article, our financial institutions will need to play a larger role by increasing loans to local small businesses,” added Lancaster.

The Wilmington – Cape Fear Home Builders Association is a 1,100 member-firm trade association that provides services to its more than 9,500 individual members which enhance their success and stability. The largest trade association in eastern North Carolina, the Association serves as the voice of the building and development industries that strives to advance professionalism and promote community involvement. WCFHBA is recognized as a positive influential force for responsible growth by protecting property rights and the privilege of homeownership.

INFORMATION FROM A NEWS RELEASE SENT TO THE WWAY NEWSCHANNEL 3 NEWSROOM.