Thousands of residential real-estate investors are nervously awaiting the release of 2010 U.S. census data that will settle the question of whether Arizona's population is still growing, he said.
The U.S. Census Bureau is expected to publish that data in the next two months.
"There could be some gnashing of teeth come January or February," Butler said.
If the area's population has become stagnant, it could accelerate a shifting away of large-scale housing-investment firms from Arizona that Butler said already was under way.
Concerns that large segments of the Phoenix-area housing market have become saturated with rental homes already has spurred some investors to seek other opportunities in places such as the Midwest, he said.
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