At the height of Phoenix’s excess, in 2005, homebuilders were constructing 4,000 homes a month, bulldozing one acre of land every hour.
By 2008 the city was the epicenter of the country’s housing market crisis. Prices rose more precipitously and fell faster than most anywhere else.
It was among the most overbuilt of the overbuilt sand cities, optimistic right up until the collapse. Home values fell by 55 percent from 2006 to 2011.
Phoenix housing boom makes comeback
Most Popular Articles
Latest Articles
-
Former Ginnie Mae president reacts to lawmaker’s reverse mortgage securities letter
-
Financial planner: Reverse mortgages can help retirees with high property taxes
-
MBA issues support for real estate finance bills debated by Congress
-
Supreme Court denies HomeServices’ petition in commission suit
-
Home prices kept climbing at a brisk pace in March: First American