Housing Bubble Pops in Phoenix

[Chicken Little]

From New York Times:

quote: Until recently, this fast-growing area was a paradise on earth for home builders. Fulton Homes' developments, for example, were so popular last year that it was able to raise prices on its new homes by $1,000 to $10,000 almost every week.

"People were standing in line for lotteries," recalled Douglas S. Fulton, president of the company, one of the largest private builders in the Phoenix area. And they were "camping overnight begging to be the next number in the next lot in the next house."

No more.

Personally, I'd rather be"limping along with inflation" than upside down on a mortgage in a market with no buyers.  But that's just me.