The National Association Of Realtors Says...

Is the housing bubble bursting, from MSNBC, reports that according to ZipRealty, Phoenix has 394 percent more homes on the market now compared to one year ago, and also reports that Phoenix has a 38 percent price cut on homes listed. (Wow- I haven't seen that and do not know where they are getting these numbers!). The National Association of Realtors says that last years double-digit appreciation will be cut in half this year nationally, a sign, experts say, that the market is returning to normal, not that a bubble is bursting. The article states that sellers will still make a hefty profit from selling their homes, but the question is when. In a nutshell, metro Phoenix housing is in a major correction mode and will not break out of it until we burn through the existing high inventory of new and resale homes.