The article, Economists: Population growth supports Valley home prices, from the Arizona Republic, reports that according to the latest Arizona Blue Chip Economic Forecast, the biggest factor supporting our housing market is a growing population brought about by an availability of local jobs. "While mortgage rates are largely driven by national forces, including monetary policy, there are strong local elements that influence housing prices, and it is these local factors that account for variability in the risk of falling prices," said Lee McPheters, Arizona Blue Chip contributing editor. McPheters speculated that Arizona home prices will continue to move higher, although perhaps at a more moderate rate.