Ohhhh, what a week we’ve had! I feel like everywhere we turned we hear how bad our economy is. The market is crashing, investors aren’t spending money, and the housing market is moving in reverse…what are we to do? This is being broadcast to us from every media outlet and sending panic through nation. Three particular pieces caught my eye this week and sum up this fear I am talking about…

• On Friday the European Central Bank (ECB) pumped extra cash into the system for a second day in a row, as a means of calming nervous traders. The ECB added $83 billion in liquidity Friday.
  The Federal Reserve followed suit, adding $19 billion in temporary reserves. The move was the biggest single temporary open market operation in four years, the New York Federal Reserve said, according to Reuters.
  
• Mark Zandi, chief economist of Moody's Economy.com, had been loath to call it a "credit crunch." Instead, he called it a "liquidity squeeze," that had spread to corporate bond and other financial markets.

1. Standard and Poor's chief economist, David Wyss, and Moody's Economy.com's chief economist, Mark Zandi, have forecast 8 percent price drops in the housing market, peak to trough.
   

I often get jealous while times like these are upon us and hear a story of a place in the country that is the exception to the news. You know, that one place defying the odds and managing to actually expand their wealth?

Well, cheer up Raleigh, because we are that place right now! Ours homes are appreciating and businesses are thriving. Here’s what they are saying about us…

• “This scenario is also playing out in Raleigh, N.C., the No. 1 city on our list. Moderate growth and disciplined building over the last five years prevented the market from developing a significant glut. Additionally, a strong local economy has helped contribute to the city's healthy 1.6% vacancy rate.
  What's more, the rate of home sales against home inventory was healthy in Raleigh; in this category, it ranked fifth best of big cities, according to Moody's metrics. Even though the market has low vacancy to begin with and displayed strong construction restraint during the housing boom, Raleigh still has the eighth best rate of tightening.” (Forbes Magazine, July 2007)

Take a moment at pat yourself on the back Raleigh, because they are saying we did it right! We planned well, built well, and executed well. We managed to stay the course and create a place everyone wants to live and do business. Be proud when you hear we are of one of the most envied places to live in the United States and thankful of those around you for helping it to happen.