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Housing Market Climbs Back in Phoenix

Phoenix is undergoing another housing boom, with buyers clamoring to buy up properties with significantly discounted prices.
May 18, 2009, 11am PDT | Nate Berg
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"Phoenix's housing bust has turned into a quasi-boom, a sign that its market may have hit bottom and a sneak preview of what a national housing recovery could look like.

More homes are selling than at any time since 2006. Prices are slowly stabilizing. Buyers are once again finding themselves in frantic bidding wars -- only this time over foreclosed houses selling at deep discounts rather than ranch homes listing for vast sums.

"The free market is at work," said Shannon Hubbard, a real estate agent and blogger here. 'Prices got driven down so much that people said, 'I'm going to come out and play.' '

Home prices continue to plummet or tread water in much of the nation, but there have been tentative signs of life. Pending home sales rose 3.2% nationally in April, the second month of increases after a record low in January."

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Published on Monday, May 18, 2009 in Los Angeles Times
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