Share this article!

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.