Quarter Of Arizona Housing Units Built In Years Leading Up To Recession
About a quarter of Arizona’s housing structures were built in the decade leading up to and encompassing the Great Recession. So what was going on in the real estate world?
About 25% of Arizona’s current housing structures were built from 2000 to 2009.
Mark Stapp is the director of Real Estate Programs at ASU. He said the rampant growth followed by the sudden halt of the recession left the state with an oversupply of housing.
“You know, we were in a significant expansion mode in the peak of the market part of the recession, and it resulted in over building our housing stock in metro Phoenix by about 100,000 units," Stapp said.
Less than 4% of Arizona’s housing structures have been built in the decade since the recession.
Stapp said the issue Arizona is facing now is actually under building, with demand outstripping supply.