Almost all economists agree that until housing prices stabilize, it will be difficult to create any long-lasting economic recovery.
But there are glimmers of a turn-around in housing prices in a few areas — like Phoenix, Arizona, which faced one of the most brutal real estate declines in the country. Home prices in Phoenix declined 55 percent from 2006 through the end of 2011, and Arizona's foreclosure rate jumped to No. 3 in the nation in 2009. But now, home prices are increasing in Phoenix.
Mark Stapp, veteran Phoenix developer and Professor of real-estate development at Arizona State's W. P. Carey School of Business.