Forecast for Phoenix real estate

Here are some key data and predictions from the event “Real Estate: Evolution of an Industry.” The final tally for home building permits in the Phoenix area this year will be about 8,800, which is down 85 percent from 2005's peak. But building market is picking back up as the oversupply of speculative-built homes sells. “Home builders are out of their depression,” said Greg Vogel, chief executive of Scottsdale-based Land Advisors. So far this year, 7,200 home lots ready for construction have sold in the metropolitan Phoenix. About 42 percent of those lots were bought by home builders, and they don't plan on holding onto them for long. Jim Belfiore, president of Belfiore Real Estate, said almost one-fourth of metro Phoenix's current new home developments will sell out in the next six months. New home prices fell about 15 percent in most subdivisions during the past year.

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