The construction market meltdowns in Phoenix and Las Vegas dominate the news in this region. While Las Vegas continues to build casinos at a manic pace, it seems that for every new project that breaks ground, one is erased from the drawing board because developers can’t get financing. After years as the fastest-growing housing market in the United States, Sin City’s residential business has hit the skids, and the metropolitan area is one of the nation’s leaders in foreclosures. With 27,404 foreclosure filings on the books, Phoenix has the dubious distinction of contending for the U.S. foreclosure title with Las Vegas, Florida and California. Its once-golden housing market is decimated by a 50 percent decline in building permits and an over-supply of housing stock that is expected to take at least 30 months to sell.
