By Kristena Hansen | Phoenix Business Journal
Metro Phoenix home prices have rebounded impressively this past year, and the upward trend continued in April with a 30 percent year-over-year improvement, according to the latest monthly housing report released June 10 by Arizona State University.
While encouraging, the severity of this upswing — especially given that the worst housing meltdown since the Great Depression took place only a handful of years ago — has taken the community by surprise. There are concerns now of another bubble forming, and all fingers are pointing at Wall Street. The fear is that investors have a devious plan to dump the thousands of rental properties they purchased during the foreclosure crisis back onto the market all at once.
Some local experts believe that notion is preposterous, and took the release of ASU’s report last week as an opportunity to squash the speculation.
