"It really showed that there are two housing markets going on in the nation right now. In many markets, like Florida and California in particular, housing markets that were very hot in the past are now really in the doldrums. In fact, in those two markets housing prices in some areas are declining at double-digit rates," says Dr. Walden, a professor of agricultural and resource economics.

"But the good news for North Carolina is that in most of our state the housing market is still strong. In fact, the Raleigh market was the sixth-strongest market with price gains in 2006 of houses of 15 percent. And Charlotte was also on the list, with housing prices gaining 8 percent," he says. "So if you are a housing seller you are really smiling right here in North Carolina.”