Will Valley housing be the first to recover?
August 2nd, 2007, 3:50 pm · Post a Comment · posted by mistywilliams
Harvard University’s Joint Center for Housing Studies recently released its annual "State of the Nation’s Housing" study. The report puts Phoenix on top of the list of major metropolitan markets that are likely to emerge first from their excess inventory troubles.Markets where employment growth remained robust and builders made quick and dramatic production cuts are likely to see a housing market turnaround first, despite staggering drops in housing starts and building permits.Phoenix experienced a 29 percent drop in housing permits last year, while job growth rose 6 percent, the study shows. It also sites Las Vegas as a place with similar conditions conducive to a quick recovery.Read the full report here.
