To members of Congress, President Bush, President-Elect Obama, fellow Americans, and current and future residents of the Phoenix area, the state of the Phoenix residential real estate market is "weary but hopeful. Numerous challenges including an onslaught of short sales and foreclosed properties, deteriorating home values, and the onset of a global recession have rocked the Phoenix real estate market to its core. Indeed, recessionary concerns are large on people's minds and add much uncertainty to the market. These challenges have yet to fully play out in the marketplace so that their full impact is felt and measured.
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