By Peter Valencia | AZFamily
PHOENIX (3TV/CBS 5) – Interest rates are sky-high while overall affordability in the Valley is at record lows. Now that the housing market is beginning to cool off, a major investment firm is giving an ominous look at Phoenix’s housing market.
The New York Post first obtained the memo from Goldman Sachs that said that four U.S. cities, including Phoenix, could see a “seismic” crash the likes of the 2008 Great Recession in the coming year. The three other cities named include San Jose, CA; San Diego, CA; and Austin, TX. While most experts, including Goldman Sachs, agree that the housing market is beginning to normalize after pandemic-driven demand there is still a lot of uncertainty.
