Scottsdale economist Elliott Pollack doesnâ€™t expect a recovery in the local housing market until 2015 or 2016, and the commercial real estate markets until 2014 or 2015, as Arizonaâ€™s job market and population growth continue their slow recovery from the recession.
Pollack briefed the Maricopa County Board of Supervisors Tuesday on the state of the national, Arizona and regional economies.
He said the oversupply of homes in the Phoenix marketplace has gone down from approximately 80,000 units to 55,000- 60,000 homes. But that is still too many, and the lack of job growth in the state and Valley hampers a recovery.
Pollack points to national numbers showing declines in mortgage equity and higher rates of young adults living with their parents, as well as flat job and population numbers here in Arizona as indicators of continued struggles.
The local economist also showed the Maricopa County Board numbers displaying high corporate profits but little spending by those same businesses. He also showed skyrocketing federal spending and debt levels even with the cuts agreed to in the bitter debt ceiling debate.
Carmen Brodeur is a Scottsdale luxury Realtor and former Attorney. She specializes in Scottsdale and Paradise Valley real estate. Contact Carmen at (800) 300-0263 for more information about any Scottsdale AZ homes for sale or click any of the links below:
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21040 N. Pima Road, Scottsdale, AZ 85255
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