Builders Orders Hit $1 Billion In Quarter

The Arizona Republic reports on local homebuilder Meritage Homes and its chief executive and co-chairman, Steve Hilton. Meritage Homes Corp. is the largest publically traded home builder based in Arizona. In an interview with Steve Hilton, they asked him if he believed there is a housing bubble in Phoenix. "Phoenix has been one of the most dynamic markets in the country in the last couple of years. But it's still relatively affordable. It's probably the most affordable market in the Western United States...To me, a bubble means everything's going to go down.

We've been very cautious about how much we raise prices and how often we raise prices." Hilton was also asked about new subdivisions being built in Buckeye and Pinal County, and how far will buyers go in search of a house deal. "

What makes places like Coolidge and Eloy and Casa Grande and Buckeye work is the affordability...If the price of land goes from $20,000 an acre to $100,000 an acre, that's not a median-price $200,000 house anymore. You're building a $300,000 house. There are a lot less buyers at that higher price. That's how far you have to go to find affordable housing...Eloy starts to make sense. Because its really not any farther than Menifee (Calif.) is from Ontario (Calif.)" More...