Here is the article and a few lines...
Top analysts and economists at Urban Land Arizona's annual conference Thursday said that the Valley's real-estate market will continue to slow this year and in 2010. A significant increase in home prices and sales likely won't happen until 2012.
...
As long as foreclosure rates climb, recovery of the Valley's housing market will be delayed.
"Another tsunami of foreclosures is expected," said Wall Street housing analyst Ivy Zelman, one of the few analysts who early on warned of a dangerous housing bubble in the U.S.
Zelman said lenders need to find more ways to help struggling homeowners find lasting solutions to reduce the projected 5 million to 8 million more U.S. foreclosures expected by 2011.
...
Valley home building has fallen to 1992 levels, a fraction of what it was during the boom. But all the analysts agreed this is a good thing.
"The last thing Phoenix needs now is more new homes," said Gadi Kaufmann, a national analyst with Washington, D.C.-based real-estate consulting firm Robert Charles Lesser and Co. Zelman said only 2,000 new homes should go up in metro Phoenix this year. Fewer than 18,000 new homes were built in metro Phoenix last year.
"Banks are telling builders to stop construction for a while," said Tim Sullivan, a national housing analyst with Sullivan Group Real Estate Advisors of San Diego.
...
One of the more startling statistics was how much Phoenix's job growth had slowed.
Phoenix ranked above only Detroit for job creation on a list of the nation's top 25 metro areas, Rosen Consulting said.
"Phoenix has been in the top five for job growth from before there was even a list," Margon said. "This is strange."
He said the low ranking is due to Phoenix's dependence on industries that are "ground zero" for the recession.
"But the outlook for Phoenix job growth is phenomenal," Margon said. "We don't think Phoenix will crawl back up the list. It will leap back up."
Phoenix's key industries will get help from anticipated federal spending on infrastructure projects and the housing bailout.
Nothing really earth shattering in any of that, but interesting to me to want to share. The main reason I wanted to share the above is because the reporter is/was at another function this morning and again was sharing some tweets... that now I'll share.
at az road to recovery conference about 4 hours ago from mobile web
john Lenio - CB Richard Ellis Natl- econ incentive not firms first priority when expanding about 4 hours ago from mobile web
cb lenio speaker says incentives not a giveaway about 4 hours ago from mobile web
companies growth hot points - logistic, labor. real estate, incentives about 4 hours ago from mobile web
labor most impt for cos. looking to expand about 4 hours ago from mobile web
CB's Lenio says AZ not agressive in ECON Development about 4 hours ago from mobile web
Lenio - AZ needs to be hungry growth wont just come here anymore about 4 hours ago from mobile web
steve partridge, former, az econ devel, now w/charlotte chamber is speaking about 4 hours ago from mobile web
improving quality of life underestimated in econ devel. says Steve Partridge about 3 hours ago from mobile web
Barry Broome head of greater phx economic council speaking about 2 hours ago from mobile web
az now 49th in job growth about 2 hours ago from mobile web
GPEC focusing on Solar to turnaround job growth about 2 hours ago from mobile web
GPEC head says AZ more dependent on housing than Michigan on cars about 2 hours ago from mobile web
Okay... now I didn't include each tweet that she offered, as there were many, but I found it interesting to follow along for this days events. No doubt there will be an article posted on the AZ Republic website soon to fill in more details.
While I have a Twitter account, I haven't found a consistent use for it yet. So far I am finding good information (links to information) at convenient times, but I haven't found it useful to get information out or to communicate back and forth.
No comments:
Post a Comment