Metro Phoenix housing market has best month in a decade April just might have been the best month for metro Phoenix's housing market in a decade. Foreclosures fell to the lowest level since 2006. Homebuilding continued to rebound. Phoenix kept its spot as one of most affordable big metro areas for ...
More Phoenix homeowners have equity now Fewer metro Phoenix homeowners are underwater now, according to CoreLogic. Approximately 19.5% of the Valley's homeowners owed more than their house is worth as of June 30, down from 21% at the end of this year's first quarter. At the worst of the housing cra ...
Phoenix-area home sales, prices cool in July In Metro Phoenix, both sales and prices dipped in July. Home sales fell 4.5% and the median home sales price inched down to $210,000 compared with June, according to the W.P. Carey School of Business at Arizona State University. The housing market's mode ...
Ariz. homebuilders offering deals New-home prices across metro Phoenix soared too high and too fast in 2012 and 2013 for many buyers to handle, leading to a slump in sales. Home prices have dropped slightly this summer, and builders are trying to lure buyers by offering incentives that include lowe ...
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News Article From: 04-10-2007

The article, Slowdown Spreads Beyond Housing, from Arizona's Economy, reports on Marshall Vest's latest take on the economy and housing market. Marshall Vest is the Forecasting Director for the Eller College of Management at the U of A. In his March quarterly newsletter, he states that the homebuilding industry is in recession, and its plunge is beginning to look a lot like the roller-coaster cycles of the 1970's and 1980's. Over the last 40 years, there have been four homebuilding recessions: the mid 1970's, the early 1980's, the mid 1980's and the late 1990's.  During the first three recessionary periods, residential building permits declined between 69% and 78% from peak to through. The late 1990's downturn had only a modest 11.6% decline. Each of the earlier downturns was followed by a national recession. He is concerned with the loss of construction jobs, which comprise 9.5% of all non-farm jobs. Combined with Realtors, mortgage brokers, title companies, home inspection companies, engineers and others whose jobs depend on a growing housing market, close to 20% of all non-farm jobs are tied to the housing market.



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