Phoenix is undergoing another housing boom, with buyers clamoring to buy up properties with significantly discounted prices.
"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."
Read the full story: Phoenix's housing bust goes boom
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