Dave Ramsey certain that cooling Phoenix housing market won’t collapse like in 2008
PHOENIX — Personal finance expert Dave Ramsey said Monday he’s certain that the cooling Phoenix housing market won’t implode like it did in 2008.
“You’re not going to see 2008. I’m 100% sure,” the nationally syndicated radio host told KTAR News 92.3 FM’s The Mike Broomhead Show.
“I was here in 2008. I was on the air in 2008. Phoenix was one of the markets we were watching. It took one of the biggest plunges.”
Ramsey, whose show airs noon-2 p.m. weekdays on KTAR 92.3 FM, said there was an oversupply of housing when the demand dried up in 2008, which isn’t the case now.
“We’re not seeing demand drying up and we’re not seeing an oversupply — quite the opposite,” he said.
Ramsey said that while the Valley’s 33% year-over-year increase in housing prices was “highly unusual,” it doesn’t portend a major decline.
He sees the recent downward adjustment after several red-hot years as a normalization.
“It’s going take you a normal amount of time, 60-90 days, to sell a house instead of 60-90 minutes,” he said.
“And so just calm your butt down, enjoy a normal real estate market. But is it going to crash? I don’t think so. This market is too strong and too diversified.”