Over 300 Triangle housing professionals last December filled the ballroom at the Briar Creek Country Club to attend a three hour long seminar in regards to the housing industry right here in the Triangle area. The results were more than positive and showed that the Triangle area is faring better than many other cities, and continues to improve throughout the beginning of 2010.
Mark Vitner, a senior economist from Wells Fargo who is well known on the national speaker’s circuit, addressed the crowd with his opinion on how the Triangle area was fairing during one of the toughest housing markets in history. Vitner felt that economy was better than it was a year ago, based on indicators such as third quarter of 2009’s Gross Domestic Product rising. The best place to find the least amount of unemployment are in areas with University towns and centers of government; Raleigh, Durham and Chapel Hill are great examples of this. Another sector of the economy that Vitner felt was growing strong was the mobile internet industry. Once again the Triangle area is the perfect place for this with the Research Triangle Park. The best news of all is that he feels the days of plummeting home prices is at an end, and now is the time to take advantage of low interest rates. It is estimated that by 2012 or 2013 interest rates will once again be up to 8%.