Many bubble types like to say that because construction is such a large part of the Arizona economy, that Arizona would be hit hardest by a slowing real estate and housing market.
This study by Global Insight for a U.S. mayors group, forecast that Phoenix would be the 66th hardest hit metro area from the mortgage crisis.
I guess the bubblers forgot to take into account all the positives that surround the Phoenix economy and how those positives would more than offset the economic slowdown caused by the mortgage meltdown.