It's a bad time for Arizona real estate and Phoenix home prices. The White Mountains are feeling the pain at the pump. The bread and butter and all the home buyers come from Phoenix. That's where the money comes from and the second home buyers. The Phoenix real estate market is in a free fall right now.
When will the Phoenix real estate market hit bottom? Elliott Pollack had this to say in the Arizona Republic: The bottom of the housing market may occur in 2008 or 2009, but a full recovery will probably take three to five years," said Elliott Pollack, an Arizona economist and real-estate investor.
How low could Phoenix home prices drop? Gandi Kaufmann told the Arizona Republic how low Phoenix will drop: Because of foreclosures, metro Phoenix home prices could fall 30 to 35 percent from 2006's peak and values won't likely return to that high before 2015, said Gadi Kaufmann of the national real-estate advisory firm Robert Charles Lesser & Co.
Source: Arizona Republic Newspaper
Thursday, January 17, 2008
Phoenix Home Prices Could Fall 30 to 35 percent!
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