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Phoenix’s housing recovery not expected until 2015

Experts have pushed back their predictions on when metropolitan Phoenix’s housing market will recover.

They say the Phoenix area won’t recover to pre-boom levels until 2015.

The latest forecasts for the market’s recovery have been pushed out by another year because of slower-than-expected job and population growth and a bigger glut of home foreclosures than expected.

Experts at an Urban Land Institute Arizona conference last week said Phoenix’s housing recovery will remain slow until enough new jobs are created to attract thousands of new residents to the region again.

At last year’s conference, most experts agreed metro Phoenix’s housing market would recover by 2014. The prediction in 2009 was for a recovery in 2012.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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