Tang Realty Commentary

D.R. Horton CEO yesterday is quoted as saying that that the housing market is "going to suck, all 12 months of the calendar year." Phoenix area MLS residential listings are creeping back up above 47,000, near the peak reached last year before dropping to near 40,000 at the end of the year. Land brokers report virtually no activity in the investment land market, and I've heard of millions in earnest money being forfeited on investment land deals in the Valley. The good news is that the stage is being set for some sensible land investments down the road, although we've neither seen nor heard of anything that makes much sense yet.