The city that proved that America's housing market is rising from the ashes was, fittingly, Phoenix. From property-bubble peak to post-financial crisis trough, house prices in Arizona's biggest metropolis plunged by more than half, as demand dried up and foreclosures soared. But low interest rates and slowly reviving consumer confidence, plus a bunch of private-equity firms convinced there was an opportunity in buying up homes cheaply, eventually brought the market back to life. By September the median sale price of a single-family home in the Greater Phoenix area was $199,000, up 33% in a year.
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