Experts expect the Phoenix region, a hot bed for the negative effects of the housing crash of the Great Recession, to become one of the nation's strongest housing markets in 2017.
Experts expect the Phoenix region, a hot bed for the negative effects of the housing crash of the Great Recession, to become one of the nation's strongest housing markets in 2017.
"Phoenix’s battle-scarred housing market is expected to be the strongest in the country in 2017, another sign that the U.S. housing market is returning to full strength," reports Laura Kusisto.
During the Great Recession, some experts thought the housing market in the Phoenix region might not recover for decades, but the regional recovery mirrors a national recovery—the latter set a new record high, according to a November data release from S&P CoreLogic Case-Shiller U.S. National Home Price index.
Though Phoenix home prices are still 12 percent below the peak established in July 2016, "[t]hrough August of this year they have risen by 6% compared with the same period last year," explains Kusisto. "Sales have grown 5% during that time." Moreover, "Home prices are expected to grow 3.9% next year and existing home sales are forecasted to grow 1.9% to 5.46 million homes…"
[Wall Street Journal article might be hidden a paywall for some readers.]
Read the full story: What the Rise of Phoenix’s Housing Market Says About the U.S. Economy
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