Metropolitan Phoenix is the Multi-Billion Dollar Question...

Will area economy lose $1 billion in housing?, from the Arizona Republic, reports that Las Vegas has gambling. Detroit has the auto industry. Phoenix has housing. What this year's housing market holds for Metropolitan Phoenix is the multi-billion dollar question. The article states that a 10 percent drop in home building or sales would cost the Valley's economy at least $1 billion. At a recent Urban Land Institute conference in January, local developer Francis Najafi of the Pivotal Group called for as few as 35,000 new home permit Valley-wide in 2006, a 45 percent drop from 2005's record 63,000. Mark Upton of Engle Homes was more upbeat, calling for 45,000 new homes. Earlier this year, most market analysts predicted close to 60,000 new homes. It will be interesting to see how this year shakes out!

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