Glen Creno
The Arizona Republic
Jun. 19, 2006 12:00 AM
Metropolitan Phoenix's housing slowdown is bad news for more than home-building companies and the investors who hold their stock.
The region's economy is unusually dependent on housing, so a lot of livelihoods rely on it.
Everyone from lumberyard workers to people who buy and sell land has a stake in it.
The housing market is slowing across the board as buyers rebel against rising prices and higher mortgage rates.
Sales of existing homes were down 34 percent last month compared with May 2005.
And home builders pulled 21percent fewer building permits in April than the year before.
Housing accounts for at least $1 in every $3 generated in the Valley's economy. When housing hits the skids, the effects ripple throughout the economy. Builders and real estate agents are hurt. So are subcontractors, land brokers and retailers that outfit homes.
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