Phoenix sets pace in national real estate recovery - CBS 5 - KPHO

Phoenix sets pace in national real estate recovery

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PHOENIX (AP) -

Real estate experts said the Phoenix metro housing market is recovering faster than other U.S. cities, bolstered by an upswing in home prices and a decrease in the number of houses on the market.

That's a good sign for other cities in Florida, California and Nevada that are also trying to work through devastating effects of the housing market crash.

Arizona's quick foreclosure process and its improving job market are factors in the housing market's positive changes.

Cash-in-hand investors still dominate, making the market tough for average home buyers.

Construction is expected to pick up to compensate for the lack of houses, but a lack of available workers has slowed the process.

Experts said improvements in the Phoenix-area housing market will likely level off in the coming months.

Copyright 2012 Associated Press. All rights reserved.

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