Phoenix Arizona housing market tumble continues...

Here's my letter to the Arizona Republic that was published yesterday, followed by current Phoenix listings (ouch!) to back up my points:

Housing bubble bound to burst

Dec. 2, 2005 12:00 AM

There have been so many articles lately in The Republic on Valley housing values, and at dinner parties the topic leads all conversation.

Everyone seems to be in a frenzy: a frenzy to cash in, a frenzy to get out, a frenzy to get in.

This will end badly, however, as classic economic theory takes hold. Quite simply, what goes up must come down.

We've enjoyed the up. Now as a city we'll have to suffer the down, which if you look at the listing numbers is already happening.

Tracking Phoenix/Maricopa & Pinal Counties

Population 2005: 3.8 million
Listing per population ratio 7/20: 1:353
Listing per population ratio 11/10: 1:150

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
11/10: 25,387
11/20: 26,616
11/30: 26,811

courtesy of ziprealty.com
special thanks to phucktheflippers