In Arizona, a decline of 10% or more is possible, given that prices nearly doubled during the past five years. Construction of new homes will remain subdued until inventories return to normal.

How Long Will the Real Estate Correction Last?

This is a good piece from Marshall Vest at U of A, but he lost me at “a decline of 10% or more is possible.” Possible? … sure, but not likely.

Read the whole thing.