By Mike Sunnucks | Phoenix Business Journal
Phoenix had the largest percentage drop in homeownership among the biggest U.S. cities over the past decade, according a new analysis looking at data from 2000 to 2012.
Phoenix’s homeownership rate fell by 7.8 percent over the 12-year period, which included the recession and foreclosure wave that started in 2007, according the Pew Charitable Trusts and the U.S. Census Bureau.
Comment by Jim Belfiore, President of Belfiore Real Estate Consulting
“The drop in homeownership makes sense. We had as many or more foreclosures and short sales than just about every Metro Phoenix area market in the country, so we have fewer people owning homes. This will change over the course of the next five years, though.
