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Rising home prices worry Phoenix economist

PHOENIX -- The Valley's home market continues to recover from the housing crash five years ago, but a local economist sees some danger signs on the horizon.

Local home prices rose by more than 30 percent last year but economist Jim Rounds with Elliott D. Pollack and Company said if this continued it could lead to another housing bubble.

"I would much rather see a steady increase of 10-12 percent year over year," Rounds said. "If we're in that range, we will be OK; if we continue in the 30 percent range we could be in trouble."

Rounds said there is high chance of another bubble if there is a 30 percent jump in prices in each of the next two years.

"Our economic growth can't sustain that kind of appreciation."

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About the Author

Position: Senior News Reporter. Started with KTAR July 4, 1999.

Favorite food: Steak and shrimp, and any food on campouts.

Favorite spots in Arizona: Pinetop-Lakeside, Alpine, Greer.

Favorite news memory: The Wallow Fire in 2011 became the largest fire in state history. Rodeo-Chediski Fire in June 2002, which is the second largest fire in Arizona. The 2007 Southern California Firestorm and being at Sky Harbor Airport when the first plane lifted off several days after 9-11. Seeing the American flag on the tail of the Salt Lake City-bound Delta airliner as it took off still gives me goosebumps.

Favorite movies: True Grit, both 1969 John Wayne classic and the remake with Jeff Bridges -- which was outstanding --, Lonesome Dove.

First job: Spinning records at KLER Radio Orofino, Idaho 1980.

First concert: KISS/Cheap Trick 1977 Spokane, WA Coliseum.

Sports Teams: Washington State University Cougars, The University of Montana Grizzlies and Texas Rangers.

Outside interests: Sports, camping, fishing, traveling.


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