Forecast: Phoenix Housing Market Could Outpace Most Metros in 2014

Phoenix generated a flood of housing-related headlines in 2013. It’s easy to understand why. This was one of the areas hit hardest by the national housing crisis and subsequent recession. Home prices in and around Phoenix began plummeting in the summer of 2006 and didn’t hit a firm bottom until five years later, in the fall of 2011. Foreclosures surged as homeowners watched their equity levels sink into the red. The local real estate market ground to a halt.

Flash forward to the present. It’s November 2013, and Phoenix is now one of the most rapidly rebounding housing markets in the country.

Based on data provided by S&P/Case-Shiller, Clear Capital and others, we predict that home prices in the Phoenix metro area will rise by nearly 20% in 2013. That would put it among the top-performing metro areas in the country (most of which are in California), in terms of year-over-year price gains.

via Forecast: Phoenix Housing Market Could Outpace Most Metros in 2014.

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