Ronald Brownstein’s recent review of the housing market (The Plight of Boomtowns … Humbled After the Bust) in the National Journal is an accurate and deep account of the situation here in Phoenix and other ‘Boomtowns” across the county. We feel he misses one point, however. That is the good news for Phoenix and the Valley – we are continuing to diversify beyond a real estate only economy. News of recent business expansion by Intel and First Solar on a large scale, and many other companies on a smaller scale, indicates that the residential real estate market will return with more robustness than other boomtowns.
There is no way to minimize the impact of the recent Great Recession and resulting financial loss to many. But there is reason to move forward and expect great things over the next 3 to 5 years and beyond.