Convergent Acquisitions Press Releases
September 25, 2007 Business Wire
Charlotte, North Carolina’s Strong Economy Protects the City from Housing Slump
CHARLOTTE, N.C.--Charlotte, North Carolina based real estate developer, Convergent Acquisitions & Development, Inc. is pleased to announce that a recent article on Bloomburg.com points to Charlotte’s standing as one of the nation’s largest financial centers, second only to New York City, as the reason for the economic strength and continued population and housing growth in the region.
Charlotte is home to the headquarters of both Bank of America and Wachovia, the second and the fourth largest banks in the United States. They employ 35,000 people in the Charlotte area and are continuing to grow. This strong economic growth was one of the contributing factors to the 6.78 percent increase in home prices in Charlotte as compared to the 3.49 percent decrease seen nationwide according to the S&P/Case-Shiller index.
“We predicted just this kind of growth years ago and that is why we located here in Charlotte,” says Nick Sabardin President and CEO of Convergent Acquisitions. A strong and growing economy is among the signs in our Rule of Eight that a market has strong potential for appreciation. Strong economies lead to growth and that is one of the best predictors of an appreciating market.”
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