Arizona

Aug 5, 2013 5:49 PM by Associated Press

Obama's Phoenix trip highlights housing rebound

PHOENIX (AP) - President Barack Obama's visit to Phoenix Tuesday shines a spotlight on one of the nation's most rapid housing recoveries here in metro Phoenix.

Single-family home prices are up 66 percent from their September 2011 low of $111,000. Bidding wars for existing homes are common because buyers are plentiful and homes for sale scarce. This comes just two years after the region was in the throes of the worst housing collapse in the country.

Experts say much of the rebound happened as a natural part of an economic recovery, outside of efforts by the federal government to prop up the market and prevent foreclosures. But the federal programs are credited with slowing a free-fall and allowing some people to refinance.

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