U.S. Cities With Biggest Housing Inventories

In the summer of 2005, the Phoenix real estate market was experiencing what local brokers call a "feeding frenzy." With the creation of thousands of new jobs by the month, the sprawling expansion of new construction, and a record number of adjustable loans being taken out, homes were selling fast and selling high. The atmosphere was also ripe for investors seeking quick returns, who bought into the market by the armful.
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