Not too hot and not too cold, covers the state of U.S. growth and inflation.

A strong economy suggests, of couse, that Arizona will be able to work it’s way through the current large overhang of homes for sale before the next recession.

Resale home inventory could work its way back into the high end of normal this year.

New homes are probably looking at 2008, that is, if Arizona homebuilders wake up and cut production more deeply than they have so far.