Once Phoenix Bottoms Out, Price Growth Will Be Strong...

Where housing will bounce back and when, from MSNBC.com,
reports on which real estate markets are projected to bounce back, and how
will their rebound look. The article suggests that there are three types of
recovery patterns-- a "V" shaped recovery where the market experiences a
sharp, fast decline but comes out strong once it hits bottom; a "U" shaped
recovery, where prices decline gradually and recover slowly; and a "L"
shaped curve-- a hard, fast fall with paltry price bounceback following the
market trough. Areas with good local economies and population and job growth
are candidates for a "V" shaped recovery. The article states that Phoenix is
one of those markets. Good affordability rates and a surging job market
suggest that once Phoenix bottoms out, price growth will be strong. Moody's
projection model has Phoenix reaching its price trough in the fourth quarter
of 2008 and then growing by 7.7 percent the following year.