Housing Slowdown Will Take More Than...

Housing slowdown will take more than a year to correct , from the Phoenix Business Journal , reports that according to a new Western Blue Chip Economic Forecast released Monday, the single-family housing market won't turn around in the Western states during 2007. The Blue Chip report said this year's drastic slowdown in the housing market in Phoenix and other major U.S. regions is more of a correction than a collapse , pointing to previous price spikes and "frenzied markets." The Phoenix housing market has slowed considerably the past several quarters, with for-sale homes sitting on the market longer, prices declining and unsold inventories growing. The Western Blue Chip report is spearheaded by the W.P. Carey School of Business at ASU.

http://phoenix.bizjournals.com/phoenix/stories/2006/10/02/daily3.html?t=printable