Northwest Valley Dodging Housing Downturn

While most of the Valley is seeing a drop in new home permits, the Northwest Valley is appearing to escape the slide.

"There's no slowdown," said Greg Burger of RL Brown Housing Reports. "It's exactly the same as last month, two months before that and the month before that," he added. Valleywide, the permit numbers are much different, with overall permits dropping 17.5 percent year to date.

Steven Kraut of Scottsdale, a real estate investment specialist, said the Valley's slowdown can be attributed to higher construction costs, a cooling real estate market spurred by rising interest rates, and existing homeowners wary about diving into the new home market. He remains optimistic though, saying that the Valley's population boom, job growth and retail and commercial expansion suggest it's only a matter of time before the market picks up again. More...