Arizona housing price recovery pushed to 2015

Experts at the Urban Land Institute Arizona conference last week announced they expect housing won’t recover to pre-boom levels until 2015, one year later than their prediction in 2010 and three years later than their prediction in 2009.

The reason relates to slower population growth, as well as a remaining large stock of foreclosures, according to an Arizona Republic report last week.

Phoenix ranked fourth nationally in foreclosures, according to a report out this month by Realty Trac. The 124,720 homes under foreclosure in Phoenix was down 7% from 2009, but was up 28% from 2008. The unemployment rate in Arizona went from 9.3% in November 2009, to 9.47% by November 2010.

The article noted the area’s housing boom included a 50% jump in home prices between 2004 and 2007. The median price in the Valley is now $114,000, whereas it was $155,000 in 2003, according to Arizona State University’s realty-studies group.

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