What goes up must go down. And we didn't know this allready? (Phoenix: real estate, 2013)

[SOON2BNSURPRISE]

Saw this article and figured I would post it for your reading pleasure.

U.S. Cities In Free Fall - Yahoo! Real Estate

[aoeu00]

To save a click if you just wanted stats for Phoenix metro.. From the OP post's link:

5. Phoenix-Mesa-Scottsdale, AZ
Net Population Change, 2006-2009: 7.85%
Per Capita Gross Domestic Product: $40,870.16
Change in New Building Permits, February 2007-February 2010: -83.61%
Change in Unemployment, January 2007-January 2010: 148.65%
Change in New Jobs Added, February 2007 - February 2010: -10.01%
Change in Median Home Price from Market Peak: -37%

[ArizonaBear]

Originally Posted by aoeu00

To save a click if you just wanted stats for Phoenix metro.. From the OP post's link:

5. Phoenix-Mesa-Scottsdale, AZ
Net Population Change, 2006-2009: 7.85%
Per Capita Gross Domestic Product: $40,870.16
Change in New Building Permits, February 2007-February 2010: -83.61%
Change in Unemployment, January 2007-January 2010: 148.65%
Change in New Jobs Added, February 2007 - February 2010: -10.01%
Change in Median Home Price from Market Peak: -37%

"We’ve seen examples of where something that was listed for $10 million sold for $2 million," says luxury real-estate agent Walt Danley, who has sold homes in the area for nearly three decades. "The run-up did get a little out of control. It needed a correction, but this is an overcorrection."

Hard times in Paradise - MSN Real Estate

The Town of Paradise Valley is in a full on free fall.

[Howard Roark]

I'm licking my chops and will swoop in around 2013 when the prices are much lower than today. Would also like a place on Big Sur (California coast without the smog). But maybe will go for Big Sur instead. Found a wonderful spot.

[OnYourSide]

The Phoenix area has historically been very dependent on the construction and housing industries, that the downfall from 2006 has been especially hard here. The tax system could probably use a tweak so it could be a more reliable revenue stream for the State.

[shiphead]

Mod Cut: Quote orphaned due to being deleted.

Cool stats. But....

Change in New Building Permits, February 2007-February 2010: -83.61%

I would hope it has that rate for a long time seeing as there is a lot of available real estate residential, commercial, and industrial.

[strato58]

the number 5 city in freefall in the US according to an article I read on Yahoo.
Miami is #1.....

When with this end?

[homlish560]

This isn't news!!!!!

3 Cities in Florida and 1 in California are worse than Phx. LA-area, Las Vegas, and other Florida places are in the top 10. It's the Economy - the Real-estate crunch hit the Sunbelt areas harder than most.

The last I heard we are in recovery - a slow recovery but give it time.

[algia]

I think these articles are useless and are also keeping the economy "standing", because the more potential businesses = employers hear/read these crap stories the more ppl will stay unemployed and the ones who are employed are being EXPLOITED because so called employers figured they can get the same amount of work out of ppl by paying less and counting on ppl's desperation! I think it is against any form of common sense and is insulting to ppl's intelligence...the more they write these articles the more employers will Stay freaked out about their preciuous money and not hire ppl. I think they will be keeping this status for as long as they can to avoid paying ppl benefits or asure pension etc...A JOKE! We live in Tampa now and my hubby works in real estate and his office closes like bunnies...

[azriverfan.]

The OP didn't provide the entire list of rankings for a reason. If you look at the other cities on the list, they are the most desirable cities in America including L.A./So Cal, Las Vegas and northern California. It's not a secret why all of these vacation cities are struggling, it's because they were overbuilt due to the high demand to live there. Phoenix, not suprisingly, is a destination city and one of the most desirable cities to live in the country. And despite our economic woes, look how many threads we get everyday from people who want to move here and risk it. It just shows you how desirable these cities are. Once the economy improves, a lot of people from Texas and other areas with strong economies will move back here because the standard of living is so much higher here than other places.