Guntermann said that he believes the worst is over, but that the market will take a long time to recover.
"The recent improvement in Phoenix employment is an important step in getting the housing market back to normal, but the process will continue through 2011 and beyond," Guntermann said in his report. "Markets don't move smoothly in one direction, so perhaps it should not be surprising that another period of price declines has begun."
2010 brought some stability after three years of housing declines.
"With the economy gradually recovering and the foreclosure problem past its peak, the odds are good that the housing market will end 2011 a lot better than it will be beginning it," he said.
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