Mortgage And Real Estate News

Saturday, June 15, 2013

Housing market heading toward rebound or bust? | Phoenix

PHOENIX -- Good news for Valley homeowners. Prices are climbing big time. But could that mean we’re heading toward another housing bubble bust?

“Prices are still moving up,” said Michael Orr, director of the Center for Real Estate Theory and Practice at the W.P. Carey School of Business at Arizona State University. “They aren’t climbing as fast as last year but still at a ridiculously fast pace.”

According to Orr, the median home price is up 29 percent in the last year and up 40 percent from when we hit rock bottom.

Read more: Housing market heading toward rebound or bust? | Phoenix

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