Real estate experts forecast metro Phoenix market recovery in 2014

The Arizona real estate market will recover slowly and approach modest levels of normalcy — but not until 2014. That was the assessment of a group of experts who gathered Friday morning for “Gloom to Zoom,” a seminar sponsored by Rose Law Group and held at the Arizona Biltmore Resort & Hotel. Phoenix economist Elliott Pollack and housing analyst R.L. Brown believe the market has bottomed out, as far as residential product is concerned, but the industry likely will float along the bottom for months, if not years. “Things are not going to recover overnight,” Brown said. He cites two ongoing concerns: Lack of consumer confidence and job growth. “The mood is down. People are scared. Everybody knows someone who is unemployed or underemployed,” Brown said. Pollack, who also is a real estate investor, pointed to a dearth of jobs and nil population growth creating an economic stalement that won’t loosen for years. “The ugly truth is that no one knows for certain” when jobs will be created and population growth return, Pollack said.

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