By Mike Sunnucks and Eric Jay Toll
Phoenix Business Journal
Economist Elliott Pollack and some of his cohorts outlined some of the major reasons the greater Phoenix real estate market continues to be sluggish, as well as what needs to change as the Valley’s housing market remains slow at an economic forecast event sponsored by Arizona State University’s W.P. Carey School of Business and JPMorgan Chase & Co. (NYSE: JPM).
The housing recovering goes beyond just residential real estate, said Pollack, CEO of Elliott D. Pollack Co.
“In the past 80 percent of our recovery has been from housing construction,” he said.
That spillover also impact commercial real estate because population and housing spur demand for retail and even industrial and office space.
Click the image for some of the main culprits behind the slow local housing market and its resulting drag on the overall Arizona economy.
