Lee McPheters
Lee McPheters
begins building cycle high hiring home job levels likely losses record seen states throughout
Construction is at record high levels throughout the West. It is likely that as home building cools, those states that have seen construction hiring booms will record job losses as the cycle begins to subside.
although attracted bubble concept days declined estate great home level national prices since
Although the concept of a real estate bubble has attracted much attention, home prices in the U.S. at the national level have not declined since the days of the Great Depression.
above average far further growing home housing issue last lurking moved moving national pains people rapid represents result stop suffer
There's an issue lurking that is new to us, and that is the rapid escalation of home prices. Last year, we moved above the national average (in home prices). It won't stop people moving here, but they're going to live further and further out, so far out that their commute represents a significant part of the day and freeway congestion. We'll suffer growing pains as a result of housing prices.
account average due growth higher jobs national percent population reasonable somewhat western
Due to population growth, it is reasonable that construction would account for 8.8 percent of all jobs in Western states, somewhat higher than the national average of 5.4 percent.
again arizona creation expected job likely next slow states three top utah western year
The three fastest-growing Western states -- Nevada, Arizona and Utah -- are expected to slow down over the next two years. Still, it is likely that these states will be in the top 10 for job creation yet again this year and next.
arizona attracting continue example expect growth housing nevada population reasonable state states stronger varies
For example, population growth varies from state to state, with states in the Sunbelt attracting new residents from other states. It is reasonable to expect faster-growing states such as Arizona and Nevada to continue to see stronger housing markets.
best certainly seen
It's certainly one of best years we've seen in this century.
appreciation backing continue landing local markets normal prices rates returns soft
As rates continue to rise, some local markets may see a backing off of prices and a soft landing as appreciation returns to historically normal levels.