After a remarkable rebound, the Phoenix housing market is cooling down.
Home prices in Phoenix posted their first monthly decline since 2011 in December, according to the S&P/Case-Shiller price index released Tuesday. Because it was among the country’s first hardest-hit markets to stabilize, Phoenix has served over the past two years as a bellwether of sorts for much of the Sunbelt that also experienced high levels of foreclosures and severe price declines. If Phoenix cools, that could portend ominously for parts of California, Nevada, and Florida that have shown similar rebounds in recent years.
Read Full Article »