In its fourth quarter 2009 forecast the Greater Phoenix Blue Chip panel found good reason to be optimistic about residential real estate in the coming year. Phoenix real estate economist Elliott Pollack reports that “Single-family permits are expected to be up almost 38 percent in 2010 and another 41 percent in 2011. The 2011permit forecast is still 75% off of the 2005 peak, but at least we are moving in the right direction.”
According to the forecast panel’s consensus, we’ve past the bottom of the residential real estate market bust and are on our way up. But, no doubt, it will be a hard slog. “We are on that slow and difficult path back, but for real estate in general, there appears to be no quick fix.”
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