Globe/Miami housing prices dropping? (work, closing, business)

[ArizonaBear]

Why I wonder is with the copper mines getting ready to reopen in the Globe area; what would cause home prices to drop?

Unless the speculators out that way got a tad too greedy and it is now catching up with them as well.

Or; is it perhaps due to the strong possibility of the mines quickly closing up again courtesy of the looming recession?

Any thoughts, ideas, brickbats, etc. anyone?

[FunkyPioneer]

My uncle works for the mine (has for 30 years) basically the mine hired double the people the actually need long term, they are planning on firing half the people they hired in January ( at least this is what they told the higher ups in the company). So my best guess is that some of the workers are getting wind of this and getting out of dodge.

[ArizonaBear]

Originally Posted by FunkyPioneer

My uncle works for the mine (has for 30 years) basically the mine hired double the people the actually need long term, they are planning on firing half the people they hired in January ( at least this is what they told the higher ups in the company). So my best guess is that some of the workers are getting wind of this and getting out of dodge.

That does not surprise me:

In all fairness; things were a lot different in the copper mining business as in higher prices and demand.

In the last 9 months; the housing market has really crashed nationwide cutting the demand for copper pipe and wiring. Also the new car/truck market is dumping as well diminishing the need for metal as well.

Bottom line: I will give the mining companies a 'bye' on this one------read that they were hiring for projected demand of their production.