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Real Estate Briefing - Archive | March, 2012

In Korea, real-estate slowdown drives deal

Posted on 26 March 2012 by Laxman  |  Email |Print

Woongjin Group, a midsize Korean conglomerate, is launching a $2 billion stake sale at one of its most profitable businesses to help shore up a construction affiliate, one of the most visible signs of the impact a prolonged slowdown in South Korea’s real-estate market has had on many major companies.
The sale of a 30% stake in water-purification company Woongjin Coway Inc. is likely to be one of the biggest deals in South Korea this year………………………………………..Full Article: Source

Philippines: Property sector loans hit P518bln

Posted on 26 March 2012 by Laxman  |  Email |Print

Local banks have lent a total of P518.6 billion to the property sector in 2011 of which real estate loans accounted for the bulk of 97.5 percent, the Bangko Sentral ng Pilipinas (BSP) reported.
Based on the BSP data, the banking sector’s exposure to the property market was 6.8 percent higher than the 2010 figure. The banks’ property sector exposure refers to real estate loans and property-related securities, while real estate loans refer to borrowings for housing and commercial developments………………………………………..Full Article: Source

U.S. commercial property deals may rise 20pct, Roberts says

Posted on 23 March 2012 by Laxman  |  Email |Print

U.S. commercial property deals may rise 20 percent this year as the technology and energy sectors lead a “slow, plodding recovery,” said Peter C. Roberts, chief executive officer for the Americas at Jones Lang LaSalle Inc. (JLL)
Sales of apartments, offices, malls and warehouses may reach $216 billion, up from $180 billion last year and $115 billion in 2010, Roberts said in an interview in San Francisco………………………………………..Full Article: Source

US housing market to hit bottom soon: Savills CEO

Posted on 23 March 2012 by Laxman  |  Email |Print

The housing market in the United States is set to hit a low if monetary policy in the country is tightened, according to the CEO of Savills, John Lyons. Lyons said that three factors could drive interest rates up: increased employment, higher energy costs, and the government’s effort to lift real estate.
“I think that the opportunity for interest rates to rise is more of a probability than a possibility,” Lyons explained………………………………………..Full Article: Source

B. of A. sees housing prices rising in 2012

Posted on 23 March 2012 by Laxman  |  Email |Print

Bank of America/Merrill Lynch is calling for a bottom in housing prices this year, thanks to improving economic data and government-policy developments. The firm has adjusted its forecast from November, when it expected home prices to fall 3.5% in 2012. Now, it expects a gain of 0.5%.
“But, along with the earlier bottom is a slower recovery,” says the firm. For example, it expects home prices to gain 2.8% in 2014, solidly below its prior estimate of 8.1%. Its prediction for 2020 remains roughly the same, when it expects home prices to have recovered by 42%………………………………………..Full Article: Source

U.S. home prices have smallest decline in more than 2 years

Posted on 23 March 2012 by Laxman  |  Email |Print

U.S. home prices fell 0.8 percent in January from a year earlier, the smallest decline in more than two years, as the U.S. property market begins to stabilize.
The region that includes Massachusetts and Connecticut led the decline, falling 3.5 percent, the Federal Housing Finance Agency said today in a report from Washington. In the area that encompasses North Dakota and Minnesota, prices jumped 5.2 percent, the only region to show an increase over January 2011………………………………………..Full Article: Source

US: Buying a home cheaper than renting in 98 pct of housing markets

Posted on 23 March 2012 by Laxman  |  Email |Print

Despite very low prices, many Americans can’t or don’t want to buy houses. Instead we’re paying ever-higher rents and watching as housing prices fall further and further.
In nearly every every city in the country, it is now cheaper to buy a home than to rent one, according to new data from the real estate website Trulia. In 98 of the 100 largest metropolitan areas in the U.S., homeownership trumps renting, according to Trulia. The two holdouts? Honolulu and San Francisco………………………………………..Full Article: Source

Washington: Real estate market in bloom

Posted on 23 March 2012 by Laxman  |  Email |Print

The Spring market in D.C. bloomed with the cherry blossoms. In the last month, we have seen almost every competitively priced listing go under contract within the first week on the market, often with interest from multiple parties and sometimes multiple offers.
This time last year, we saw multiple offers but did not often see the price going above list price. Not so for this year where we have seen multiple offers escalating above list price………………………………………..Full Article: Source

Canada: Busy spring real estate market expected

Posted on 23 March 2012 by Laxman  |  Email |Print

Major Canadian housing markets have continued to show “exceptional resiliency” so far this year, setting the stage for a busy spring, according to a major Canadian real estate organization.
In its market trends reports, Re/Max said its survey has found that 12 of 15 Canadian centres, or 80 per cent, reported sales activity in January and February that was ahead of last year’s levels. More than half of the cities reported double-digit increases, “with the strong demand and diminished supply setting the stage for a heated spring 2012.”……………………………………….Full Article: Source

Canadian housing market still hot

Posted on 23 March 2012 by Laxman  |  Email |Print

The Canadian housing market is off to a strong start this year, with gains in sales and prices in most major markets, according to a report released Thursday from real-estate company Re/Max.
It said sales for January and February were up in 12 of the 15 markets it assessed compared to a year earlier, most by 10% or more. It credited low mortgage rates, strong consumer confidence and even some mild weather, which it said helped usher in an early spring buying season………………………………………..Full Article: Source

Toronto housing market: Bidding wars are back

Posted on 23 March 2012 by Laxman  |  Email |Print

Toronto homebuyers, brace for another spring of bidding wars. Real estate listings remain so tight that half of detached homes in the “coveted” $600,000 to $900,000 price range in high-demand Toronto neighbourhoods are selling over the asking price — and the peak spring season hasn’t even begun.
“Bidding war fatigue” has already forced some would-be buyers to retreat from a market that could be even hotter this spring than last, according to a new report from ReMax that points to unusually strong activity this early in the year………………………………………..Full Article: Source

Budget 2012: Will stamp duty diminish the UK housing market?

Posted on 23 March 2012 by Laxman  |  Email |Print

It’s not quite a mansion tax, but will the Budget’s new top rate of stamp duty dampen the UK housing market? Hands up everyone who thinks taxes should be increased on the poor. Not many takers.
All right. Hands up everyone who thinks taxes should be increased on rich investors who buy houses in this country and don’t live here. It’s a different story, isn’t it?……………………………………….Full Article: Source

UK: Stamp duty increase already hitting property market, claims estate agents

Posted on 23 March 2012 by Laxman  |  Email |Print

Property chains are already showing signs of crumbling due to the government’s stamp duty hikes, estate agents have warned. Chancellor George Osborne placed a stamp duty rate of 7% on £2 million homes in Wednesday’s Budget, rising to 15% for homes in this price bracket bought through companies.
The government wants to clamp down on the practice of “enveloping”, whereby people try to avoid stamp duty by using a company to buy a residential property. The home is then sold on as shares in the company in a bid to sidestep the duty normally paid………………………………………..Full Article: Source

Property investors Savills advise Italians on German investments

Posted on 23 March 2012 by Laxman  |  Email |Print

Savills, the international property firm whose investment arm recently expanded operations in Germany, has helped Italian fashion chain Calzedonia to expand in Europe’s largest market via two new shops in Essen.
Savills advised an unnamed Danish investor landlord, which will rent retail space of two stores in Essen to Calzedonia SPA, probably before the end of March………………………………………..Full Article: Source

Savills: Netherlands market opportunity driven in 2012

Posted on 23 March 2012 by Laxman  |  Email |Print

Softening yields within the Dutch office market has made the Netherlands an opportunity driven market for the first time in more than a decade, according to real estate advisor Savills.
The firm does not expect overall 2012 investment volumes to exceed the 2011 total of €3.4 billion due to a challenging market with limited financing opportunities………………………………………..Full Article: Source

Real estate investment thriving in Czech Republic despite increased cost of financing

Posted on 23 March 2012 by Laxman  |  Email |Print

Acquisitions on the domestic investment market are closely linked with the liquidity offered in the financial markets and relative costs of capital.
The Czech real estate investment market includes a diverse range of investor type including domestic and foreign institutional investors, mutual and pension funds, investment and asset management companies and private investors………………………………………..Full Article: Source

Investors circle Warsaw Financial Center

Posted on 23 March 2012 by Laxman  |  Email |Print

International investors are showing a keen interest in the Warsaw Financial Center (WFC) skyscraper which has been placed on the market. The 143 metre-high tower is understood to have a guide price of about EUR 200 mln.
The vendors of the Warsaw landmark are Austrian listed company CA Immo and Pramerica’s German TMW Immobilien business. Neither commented on the sale………………………………………..Full Article: Source

South Africa: House prices - Real house prices to fall further

Posted on 23 March 2012 by Laxman  |  Email |Print

If you’re hoping for a noticeable recovery in house prices over the next 12- 18 months, don’t hold your breath. In fact, get used to an environment where house prices are unlikely to rise by more than 2%-4%/year on average for at least the next five years.
That seems to be the consensus among a growing number of economists who believe South Africans need to adjust their long-term capital growth expectations downwards………………………………………..Full Article: Source

Jeddah leads demand for cheaper housing in Saudi Arabia

Posted on 23 March 2012 by Laxman  |  Email |Print

Saudi Arabia has kick-started plans to build 500,000 affordable homes throughout the Kingdom, with Jeddah leading demand for new housing projects.
Jeddah municipality undersecretary Ibrahim Ketabkhane said demand for affordable housing in the country was reaching a crucial stage, and that programs were already in play to address that demand………………………………………..Full Article: Source

Riyadh supply of prime space grows

Posted on 23 March 2012 by Laxman  |  Email |Print

The ‘Local Class A’ office market in Riyadh is increasingly being dominated by increasing levels of oversupply and moderate levels of demand, while there remains strong demand and a shortage of supply in the two ‘International Class A’ properties - Kingdom Tower and Faisaliah, CBRE Bahrain Research Team said in its KSA MarketView.
There is a marked separation in pricing and occupancy rates between these two groups, with Riyadh’s two ‘iconic’ office projects enjoying full occupancy with waiting lists and rental rates at over SR2,000/sqm/pa, while Local Class A rates typically hover at between SR1,200 and SR1,400/sqm/pa……………………………………….Full Article: Source

Oman’s real estate market looks to gain traction

Posted on 23 March 2012 by Laxman  |  Email |Print

Rather than suffering dramatically from a withdrawal of foreign investment in the real estate sector that led to a collapse, Oman found its fledgling property sector grind to an unspectacular halt.
Unlike some of its near neighbours, Oman’s population of roughly 3.5 million is largely made of nationals, with only 580,000 non-nationals (17%). With this in mind, the challenge is not so much attracting foreign investment, but providing for a burgeoning, youthful Omani population………………………………………..Full Article: Source

Singapore: A two-tier private housing market?

Posted on 23 March 2012 by Laxman  |  Email |Print

The prime and mass-market private housing segments in Singapore are facing starkly different fortunes.
According to recent industry data, while the mass-market segment is still enjoying healthy demand and price increases, the prime segment seems to be suffering from waning demand as foreign investors exit the Singapore residential property market………………………………………..Full Article: Source

Philippine real estate supplies market demand

Posted on 23 March 2012 by Laxman  |  Email |Print

The World Bank has reported a shift toward non-bank financing in the Philippines which has required careful monitoring of the developer’s exposure.
Inquierer.net has reported the Philippine real estate market as possibly facing oversupply risks. While the market is generally stable, the Philippine Institute for Development Studies states that “ownership of dwellings and real estate has been growing steadily at high single-digit rates from 2006 to 2011 except for a relatively low 1.4 per cent growth in 2009.”……………………………………….Full Article: Source

Japan’s earthquake-hit northeast region records land-price gains

Posted on 23 March 2012 by Laxman  |  Email |Print

Land prices in Japan’s northeastern region that were hurt by the March 11 earthquake and tsunami last year gained the most in 2011 as residents sought to relocate, the land ministry’s annual land price report showed.
Nine of 10 sites that had the biggest gains in prices were in Miyagi prefecture where the coast was hit by the tsunami, as demand rose in the in-land or higher-ground places, the Ministry of Land, Infrastructure, Transport and Tourism said……………………………………….Full Article: Source

U.S. housing shows signs of life

Posted on 22 March 2012 by Laxman  |  Email |Print

The U.S. housing market, a notable soft spot in the nation’s weak economy for the past four years, is becoming less of a drag on the recovery. Real-estate markets are showing signs of life as falling prices spur buyer demand, lifting home sales and new construction from the depressed levels of the past three years.
The spring selling season, traditionally the busiest period of the year, appears to be off to its best start in five years. Sales of existing homes in January and February were at their highest level since 2007, according to data out Wednesday, though sales in February edged down by 0.9% from January on a seasonally adjusted basis………………………………………..Full Article: Source

Housing report disappoints as existing-home sales dip in February

Posted on 22 March 2012 by Laxman  |  Email |Print

John RydingSales of previously owned homes in the United States dropped 0.9 percent in February, according to a report released Wednesday, disappointing economists. The number indicates that roughly five years after the housing bubble burst, the real estate market’s road forward remains bumpy.
Many economists had thought that with mortgage rates near record lows and the job market improving, existing-home sales would rise. Homes were sold at a seasonally adjusted annual rate of 4.59 million, compared with 4.63 million in January, according to a report from the National Association of Realtors………………………………………..Full Article: Source

US home sales show strength, prices rise

Posted on 22 March 2012 by Laxman  |  Email |Print

U.S. home sales fell in February, but upward revisions to the prior month’s pace and the first yearly increase in prices in 15 months pointed to steady improvement in the housing market.
Existing home sales fell 0.9 percent in February from January but still notched their second highest level since May 2010, the National Association of Realtors said on Wednesday………………………………………..Full Article: Source

A strong winter for home sales

Posted on 22 March 2012 by Laxman  |  Email |Print

U.S. home sales are gradually coming back. A mild winter and a stronger job market have helped boost sales ahead of the crucial spring buying season.
The past two months made up the best winter for sales of previously occupied homes in five years, when the housing crisis began. And the sales pace in January was the highest since May 2010, the last month that buyers could qualify for a federal home-buying tax credit………………………………………..Full Article: Source

Home buying much cheaper than renting

Posted on 22 March 2012 by Laxman  |  Email |Print

It’s the eternal question in real estate: Should I buy or rent? The answer has never been clearer: Buy. In 98 of the top 100 housing markets, buying a home is more affordable than renting, according to the online real estate company Trulia. Only Honolulu and San Francisco buck the trend.
There are several reasons. Home prices are falling. Mortgage interest rates are at historically low levels. And rents are on the rise………………………………………..Full Article: Source

Economists temper housing recovery expectations

Posted on 22 March 2012 by Laxman  |  Email |Print

Economists expect home prices to fall 0.7 percent in 2012, which is more negative than their previous expectation of a 0.2 percent decline, according to the March 2012 Zillow Home Price Expectations Survey, compiled from 104 responses by a diverse group of economists, real estate experts and investment and market strategists.
The survey, sponsored by leading real estate information marketplace Zillow, Inc. and conducted by Pulsenomics LLC, is based on the projected path of the S&P/Case-Shiller U.S. National Home Price Index during the coming five years. (Press Release)

How to cripple the real estate market in five easy steps

Posted on 22 March 2012 by Laxman  |  Email |Print

If you were head of Central Planning (howdy, Ben!) and were tasked with crippling the real estate market, here’s what you would recommend. 1. Choke the market and banking sector with zombie banks. Central Planning creates zombie banks in one easy step: it allows insolvent banks to mark their impaired “real estate owned” to fantasy rather than to market
Have the central bank (the Federal Reserve) buy up $1 trillion in toxic, impaired mortgages. If these mortgages were such a great deal, then why didn’t private buyers snap them up?……………………………………….Full Article: Source

U.S. investors commit nearly $1 bln to Brazilian real estate in new fund

Posted on 22 March 2012 by Laxman  |  Email |Print

It wasn’t that hard to convince 24 institutional investors to commit a total $810.2 million to Brazilian real estate projects in São Paulo and Rio de Janeiro states. With that under their belts, GTIS Partners, a global real estate investment firm, just raised the largest amount of funding by any foreigners buying Brazilian properties.
GTIS Partners in New York City closed its newly created GTIS Brazil Real Estate Fund II on February 24………………………………………..Full Article: Source

No housing bubble in Panama

Posted on 22 March 2012 by Laxman  |  Email |Print

Mass construction in Panama, particularly in the capital, is concentrated in some residential areas where prices are rising and it is advisable to monitor this situation. However, this does not constitute a threat of a housing bubble in the view of some economists.
Marbella, San Francisco, Bella Vista and Balboa Avenue are the areas with the greatest concentration of building projects in the capital, according Capital.com.pa………………………………………..Full Article: Source

UK: Property sales rise in February, Revenue says

Posted on 22 March 2012 by Laxman  |  Email |Print

The number of homes sold in the UK rose slightly in February, HM Revenue & Customs (HMRC) said. There were 65,000 completed sales, up by 7% from January and 18% higher than a year ago.
The figures show little evidence of any rush by first-time buyers to beat the reintroduction of stamp duty on 24 March on homes worth £250,000 or less. But they chime with other data on mortgage lending which suggests that the market is staging a mild pick-up………………………………………..Full Article: Source

UK: What Budget measures could boost the property market?

Posted on 22 March 2012 by Laxman  |  Email |Print

We’ll find out very shortly what will be in George Osborne’s Budget, but in advance of his announcements, estate agency eMoov.co.uk has suggested ways the Chancellor could bring buoyancy and stability to the property market:
1. Stamp Duty - Traditionally paid by buyers, stamp duty should instead be paid by the seller. This will allow beleaguered buyers to buy more easily and for sellers to utilise their equity to foot the Treasury’s bill. Stamp Duty should be changed to a flat 2% on all sale prices rather than it being maintained as an escalating levy………………………………………..Full Article: Source

Spanish real-estate exposure rules stiff but necessary

Posted on 22 March 2012 by Laxman  |  Email |Print

Fitch Ratings on Wednesday called Spain’s new real-estate asset rules a big but necessary step toward extracting the country from a banking crisis that has continued to weigh down the broader economy.
Under Spain’s stiffer rules on real estate, banks will need to comply with harsher regulatory capital requirements and meet the European Banking Authority’s 9% core capital requirement………………………………………..Full Article: Source

Saudi homes market hurt by barriers to mortgages

Posted on 22 March 2012 by Laxman  |  Email |Print

Saudi Arabia’s mortgage market is the least developed among the six Gulf Cooperation Council states almost a year after advisers to the king approved an overhaul of the mortgage law, CBRE Group Inc. said.
“Saudi Arabia has the largest real estate market in the GCC, but the least developed mortgage market,” CBRE said in a report today. “This has resulted in a shortage of owner- occupied residential housing, particularly at the lower end of the income scale.”……………………………………….Full Article: Source

Skyrocketing house rent frustrates young men aspiring to get married

Posted on 22 March 2012 by Laxman  |  Email |Print

An exorbitant rise in rent prices in Jeddah has dashed the hopes of several young men who want to get married and have families. Speaking to Arab News, a number of young men, both Saudis and foreigners, said they find it very difficult to rent residential flats at a reasonable rate.
These youngsters claim greedy landlords have unreasonably hiked rent prices to the extent that they are unaffordable for most of them. This forced some foreigners to lease residential apartments and then share them. This happens at a time when Jeddah is facing an acute shortage of homes……………………………………….Full Article: Source

China real-estate prices cooling, not crashing

Posted on 22 March 2012 by Laxman  |  Email |Print

China may be succeeding in its two-year effort to cool the housing market without crashing it, as some experts see trends of an ongoing consolidation in house prices, but not a U.S.-style subprime accident.
The weakening market, which saw average nationwide prices fall for a fifth straight month in February, is in line with the gradual softening sought by Beijing when it initiated a tightening of residential property restrictions in early 2010, analysts say………………………………………..Full Article: Source

Canada: Skyrocketing house prices bound to come down, BMO head says

Posted on 21 March 2012 by Laxman  |  Email |Print

Bill DowneConcerns about the sustainability of the high-flying Canadian housing market are “legitimate,” especially in the largest cities, the head of one of the country’s biggest banks said Tuesday as a price war rages across the financial sector over mortgage rates.
Bank of Montreal chief executive officer Bill Downe told the bank’s annual meeting in Halifax that soaring household debt levels are highlighting the need for a soft landing in the residential real-estate market………………………………………..Full Article: Source

REITs: Is housing seeing a recovery?

Posted on 21 March 2012 by Laxman  |  Email |Print

David CroweThe National Association of Home Builders/Wells Fargo housing market index closed at a level of 28 today, which is the highest level since June of 2007 other than last month’s downward revision from 29, according to Steve Goldstein of MarketWatch.
Though the index implies positive sentiment, economists polled by MarketWatch expected the level to be at 29. Economists at Goldman Sachs said, “Overall the report was only a minor disappointment, and the level of the index remains consistent with steady improvement in the single-family housing market, in our view.”……………………………………….Full Article: Source

US: Mixed messages for would-be buyers in spring housing market

Posted on 21 March 2012 by Laxman  |  Email |Print

Home sales are up. Home values are down. Interest rates are rising. Inventories are falling. Americans are facing an influx of information this spring home buying season, as the housing market continues to work out its kinks.
Unfortunately, wading through all that information might seem like it requires an advanced degree in real estate………………………………………..Full Article: Source

The one number to watch for a housing recovery

Posted on 21 March 2012 by Laxman  |  Email |Print

Over the past few months, many economists have concluded that that the U.S. housing market has reached a turning point and is healing. This may sound hard to believe, since home prices have continued their downward trend.
In 2011, prices fell by 4% following nearly a 30% decline since the property bubble paeked in June 2006. They ended the year at a 10-year low………………………………………..Full Article: Source

ETF: Why it’s finally time to invest in the real estate market

Posted on 21 March 2012 by Laxman  |  Email |Print

Nearly four years removed from the subprime mortgage lending crisis pushed the U.S. into a deep recession, it’s finally time to invest in housing. It appears that the housing markethas bottomed, making this an ideal time for investors to load up on housing stock.
According to the Case-Shiller index, home prices nationwide have fallen by an average of 34% since their July 2006 peak – a decline that’s on par with the housing crash that occurred during the Great Depression………………………………………..Full Article: Source

US: The fake housing recovery

Posted on 21 March 2012 by Laxman  |  Email |Print

When is a homebuilder not a homebuilder? When it’s in an index of homebuilder stocks, of course! The SPDR S&P Homebuilders (XHB) exchange traded fund has surged this year, leading many to speculate that the housing market has really, honestly, we’re not fooling around this time, cross our hearts and hope to die, bottomed.
The builders ETF is up a stunning 26% already this year. But here’s the thing. A big chunk of the companies in the fund that are doing well are not really builders………………………………………..Full Article: Source

U.S. housing construction at 3-year high

Posted on 21 March 2012 by Laxman  |  Email |Print

Permits for U.S. homebuilding neared a three-year high in February, even as groundbreaking activity slipped, suggesting a nascent recovery in the housing market was still on track.
New building permits surged 5.1 per cent to a seasonally adjusted annual rate of 717,000 units last month, the Commerce Department said on Tuesday. It was the highest rate since October 2008 and far exceeded economists’ expectations for an advance to a 690,000-unit pace from January’s 682,000-unit rate………………………………………..Full Article: Source

Housing starts in U.S. fell in February from three-year high

Posted on 21 March 2012 by Laxman  |  Email |Print

Housing starts in the U.S. fell in February from a three-year high, showing the recovery in the residential real estate market will take time to develop.
Builders broke ground on 698,000 homes at an annual rate, in line with the median forecast of economists surveyed by Bloomberg News and down 1.1 percent from a January pace that was stronger than previously reported, Commerce Department figures showed today in Washington. Building permits, a proxy for future construction, climbed to the highest level since October 2008………………………………………..Full Article: Source

Housing market notches fitful gains

Posted on 21 March 2012 by Laxman  |  Email |Print

U.S. home building fell in February, but permits for new construction reached their highest levels in nearly 3½ years, reflecting housing’s uneven and protracted recovery.
Home construction decreased 1.1% from January to a seasonally adjusted annual rate of 698,000, the Commerce Department said Tuesday………………………………………..Full Article: Source

BNP Paribas Real Estate strengthens its presence in the US

Posted on 21 March 2012 by Laxman  |  Email |Print

BNP Paribas Real Estate has strengthened its presence in the US by signing an alliance agreement with Transwestern. This alliance agreement signed by BNP Paribas Real Estate and Transwestern covers the transaction, valuation and corporate real estate consulting business lines.
Transwestern is located in 30 cities, including New York, Chicago, San Francisco, Dallas and Miami, and employs 1,750 staff………………………………………..Full Article: Source

Cities with the most new construction

Posted on 21 March 2012 by Laxman  |  Email |Print

Thanks to the housing bubble, Phoenix garnered a reputation for dusty abandoned homes and half-built tracts of retail sprawl. Arizona’s biggest city suffered a 55% drop in home prices since the 2006 peak and it consistently ranks among the country’s 20 worst cities in terms of foreclosures.
Yet a recent rebound in home sales — and more modestly in home prices — has spurred talk of a recovery there………………………………………..Full Article: Source

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