'For Sale' Is A Sign Of The Times...

In Arizona, 'For Sale' Is a Sign of the Times, from the New York Times, reports on the NY Times view of the Arizona real estate market, and states that a year ago, people were waiting in line to get a home, where now, the sales agents are doing the waiting for buyers. It states that the number of unsold homes has soared to almost 46,000 and that for sale signs are up everywhere. On the positive side, the article does state that the local economy has added 300,000 jobs since 2000 and the population grew by 20% from 2000 to 2005. It also states that the positive fundamentals of the local economy remain intact and cited Google's plan to hire several hundred employees. It quotes local Land Advisor expert Greg Vogel as saying "we will quickly grow out of it." It also quotes Daniel Van Epp of Newland Communities (developers of Estrella Mountain Ranch) as saying "As sure as the grass is green, it will all come back." Good article to read to get the East Coast's read on our market.

http://www.nytimes.com/2006/11/07/realestate/07land.html?_r=1&adxnnl=1&oref=slogin&adxnnlx=1163079287-ib+8urFn1EoEIipbl+y8/g&pagewanted=print