Phoenix market will now implode - check out these listing #s

This market, which has seen wild speculation, a rush of out of state investors, and 54% appreciation over the past 12 months, is about to implode as speculators and residents rush their homes to market to get out.

One funny thing I heard the other day when someone asked what drives Phoenix economy, as in what great companies and jobs, the answer was "We sell houses to each other"

Now what happens though, when those days are over. With 40%+ of ALL jobs in Phoenix area tied to real estate, what happens when real estate blows up? 40% unemployment? Or do the illegal Hispanic immigrants go back home?

Tracking Phoenix/Maricopa & Pinal Counties

Population 2005: 3.8 million
Listing per population ratio 7/20: 1:353
Listing per population ratio 11/4: 1:156

7/20: 10,748
7/30: 11,656
8/10: 13,099
8/20: 14,321
8/30: 15,042
9/10: 16,716
9/20: 17,516
9/30: 18,799
10/10: 20,073
10/20: 21,806
10/30: 23,770
11/6: 24,779

courtesy of ziprealty.com
special thanks to phucktheflippers