How low will it go?
Home prices may dip 10% as fear grips Valley market
Catherine Reagor
The Arizona Republic
Jun. 18, 2006 12:00 AM
Greed drove metropolitan Phoenix's home prices and sales to new records in 2005. Fear is driving the market this year.
Home buyers are worried about paying too much and are waiting to purchase. Concerned about dropping home values, some owners are trying to cash out. Builders, struggling to sell even deeply discounted new homes, are scaling back production and warning of lower profits. Each day more people, from contractors and mortgage firms to real estate agents, are losing jobs or money in the metropolitan Phoenix's rapidly slowing real estate market.
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