A recent article mentioned how Arizona building permits in 2007 were down 25% and Arizona homebuilders production was down 27%. Not nearly good enough because other sources show that Arizona homebuilder inventory of spec homes has not gone down.

Arizona home builders continue to be behind the curve and continue to chase the market down.

Until Arizona homebuilders significantly cut their inventory of spec homes, the market, especially in the outlying areas, won’t be able to rebound.

So, the announcement of the bankruptcies of Arizona homebuilders is clearly great news for Arizona homeowners. Perhaps bankruptcy will force those builders to significantly cut production.

The more, the better.