Could this be the bottom?

This past week our listings saw an average of 1.3 showings each.   On top of showing traffic being slow, it was also the worst week the financial markets have seen in most of our lifetimes.   For the past several weeks, we’ve been bombarded with news of falling markets, failing companies, rising gas prices.

Well, today its time to talk about some good news!   None of us can predict if this is just the eye of the storm or the true bottom.   But here are some undisputable facts today:

– At this moment, the Dow Jones Industrial average is up 500 points, after over a week of large consecutive losses.

– Gas prices have fallen about 35 cents in the past three days, which is the largest price decrease in history.

– The Wells Fargo buyout of Wachovia was approved by the Fed over the week.

While the news of Wachovia being bought is not necessary a net positive for Charlotte, Wells Fargo as buyer certainly brings more possibility to our area than the Citigroup deal did.

With regard to real estate, the impacts can only be positive at least for today.   Buyers are scared by the financial markets right now and have put much spending on hold including real estate.   Perhaps this positive news today will help ease some of their fears.

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