Source: Axios —
A New York Post article reporting that Goldman Sachs has forecast a 2008-level housing crash in Phoenix sent ripples through the Valley’s real estate industry last week.
- Yes, but: Local experts called the report “hyperbolic,” “misleading” and “a disservice” when Axios Phoenix requested comment.
What they’re saying: “This is so not the reality of what’s going on and not what anybody else expects to happen this year,” Phoenix Realtors president Butch Leiber told us.
Why it matters: More than 100,000 Arizona homes went into foreclosure in 2008, and the market took about a decade to fully recover.
- Understandably, when people talk about a housing crash, we get a little anxious.
What’s happening: The global investment firm cautioned clients that Phoenix, Austin, Texas; San Diego; and San Jose, California, could see a 25% decline in home prices this year, per the New York Post story.
Wow. Surprise surprise that the “bashing” comments come from people with an interest in propping up real estate sales. Same thing in 2007/08 right as the housing bust occurred. NAR Lawrence Yun saying everything is great, housing will hold up, look how resilient it is. POP…there goes the bubble.