President Barack Obama's visit to Phoenix Tuesday shines a spotlight on 1 of the nation's most rapid housing recoveries here in metro Phoenix.
Single-family home prices are up 66% from their September 2011 low of $111,000. Bidding wars for existing homes are common because buyers are plentiful and homes for sale scarce.
This comes just two years after the region was in the throes of the worst housing collapse in the country.
Experts say much of the rebound happened as a natural part of an economic recovery, outside of efforts by the federal government to prop up the market and prevent foreclosures. But the federal programs are credited with slowing a free-fall and allowing some people to refinance.
Obama is expected to announce efforts to boost middle-class home ownership. He's expected to make the remarks at Desert Vista High School Tuesday afternoon about 1 p.m.
"There has not been anyone disappointed the president is coming to Desert Vista High School, you know, when you put it in perspective," said Dr. Anna Battle, principal.
Dr. Battle says seniors will be allowed into the gym to watch the speech. Students will be required to dress business formal attire. And as for students who don't want to attend the speech?
"We respect that if parents don't want their kids to come to school, like on any other day, they call them in, and we'll go through the process to get them excused. If senior parents or kids choose not want to attend they do not have to pick up their ticket and they'll continue to their class schedule tomorrow."
Before his visit to the school, the president will visit Erickson Construction Company in Chandler.
Copyright 2013 The Associated Press modified.
KDFW FOX 4
Main Station Directory:
Didn't find what you were looking for?