Posted Oct 26, 2009, 7:50 PM
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Join Date: Mar 2004
Posts: 9,184
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Condos in central Phoenix that were selling for $185,000 pre-crash are now foreclosing for as little as $27,000. That's so far below the actual cost of construction that it will be many years before Phoenix starts to see any real new development. Perhaps three years, or five, or longer. No one really knows right now, but our economy is broken if real estate has declined 80% from the 2005 peak.
--don
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