Housing is in last phase of 'bubble,' expert says

Nishu Sood, director of Wall Street's Deutsche Bank Securities, used the term "revulsion" to describe the current phase of metro Phoenix's housing market. "Revulsion," as in many people are averse to the very product that got the nation in trouble in the first place. Sood was the lead speaker at the Scottsdale-based Land Advisors' third annual housing forecast for the Phoenix area, presented to a group of the region's top real-estate executives. He was quick to point out that revulsion was the last phase in the "bubble" cycle before recovery for the region's housing market. He said if Land Advisors would have asked him to speak about Phoenix's housing market in the years between 2006-10, everyone attending would have needed a shot of bourbon to make it through his negative evaluations and projections. This week, Sood said he felt more positive about Phoenix's housing market and its oncoming recovery than he did about many other parts of the country. That's something that made the executive sitting next to me smile with relief. This is the same man who brought in a Corona at the start of the 3 p.m conference because he thought he would need it to get through another negative forecast.

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