The Arizona Republic
Home-building permits in metro Phoenix were flat again in March as the housing market continued to search for a bottom.
Last month, 1,278 new-home permits were issued Valley-wide, RL Brown's Phoenix Housing Market Letter reports. That compares with 1,297 building permits in February and 1,370 in January.
"We think that the evidence is building that we are seeing the bottom of the new-home market in the metro Phoenix area," Brown said.
If the pace of permits stays in this range, metro Phoenix could have an annual tally of 12,000 for 2008 - the Valley's lowest level for home-building since the real-estate recession of 1990.
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