[quote=spdrun]
Overbuilding was one of the causes of the 2008 collapse, and is not the solution. As a friend from Phoenix said half-jokingly, the major industry of Phoenix before 2008 was expanding itself.[/quote]
He’s certainly right on that, it’s no joke. Growth was the largest industry. And it might be again. I’ve been living in Phoenix for a little over 2 years, and while it’s certainly not San Diego, it is a whole lot better than Minneapolis where my girlfriend grew up. Or Orlando where she lives half-time now. Even though you may not want to live here, an awful lot of people do.
And builders are building again. A lot. And the market is absorbing what they’re building, and the distressed inventory on the market has shrunk to less than 20%. (It was over 50% a little over a year ago.) And that’s after large investors have pretty much exited the market as buyers.
