ARIZONA NEWS

Dave Ramsey certain that cooling Phoenix housing market won’t collapse like in 2008

Sep 12, 2022, 8:00 PM

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.”

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

Gen Z loves Trump Arizona political analyst says...

Serena O'Sullivan

Valley political consultant sheds light on why Gen Z loves Trump

Gen Z loves Trump, according to Stan Barnes, a former Arizona state senator who currently works as a political consultant.

7 minutes ago

The Scookie Bar, local skillet cookie company, is partners with NFL...

Serena O'Sullivan

Phoenix cookie company gets new opportunities from NFL business partnership

The Scookie Bar, a longtime food truck turned brick-and-mortar store, will expand its NFL partnership this year for the Final Four.

18 minutes ago

Andrew Ormsby, 22, was arrested on Wednesday, police said. (Maricopa County Sheriff's Office photo)...

KTAR.com

Phoenix police arrest man accused of fatally shooting victim found in West Valley alley

Andrew Ormsby, 22, was arrested on Wednesday for his involvement in the shooting death of Roy Orozco, 24, Phoenix police said.

7 hours ago

Guests mill about at a previous Guild Indian Fair & Market on the grounds of the Heard Museum in Ph...

KTAR.com

Heard Museum in Phoenix holding 66th annual Guild Indian Fair & Market this weekend

The Heard Museum in Phoenix is holding its signature event this weekend, the 66th annual Guild Indian Fair & Market.

8 hours ago

This undated image provided by Mikel Desmond shows his brother Marcus Tessier, who turned up in Dem...

Associated Press

Missing teen with autism found in New Mexico, about 200 miles away from his Arizona home

A missing teen with autism has been found in New Mexico — about 200 miles away from his home in southern Arizona.

10 hours ago

FILE - A group of migrants walk along the border in a remote part of the Arizona desert as they joi...

Associated Press

Bill in Arizona would punish migrants who enter country illegally

Republicans in Arizona are broadcasting a tough border stance with legislation aimed at punishing migrants who enter the United States illegally.

11 hours ago

Sponsored Articles

(KTAR News Graphic)...

Boys & Girls Clubs

KTAR launches online holiday auction benefitting Boys & Girls Clubs of the Valley

KTAR is teaming up with The Boys & Girls Clubs of the Valley for a holiday auction benefitting thousands of Valley kids.

...

Sanderson Ford

The best ways to honor our heroes on Veterans Day and give back to the community

Veterans Day is fast approaching and there's no better way to support our veterans than to donate to the Military Assistance Mission.

...

Canvas Annuity

Interest rates may have peaked. Should you buy a CD, high-yield savings account, or a fixed annuity?

Interest rates are the highest they’ve been in decades, and it looks like the Fed has paused hikes. This may be the best time to lock in rates for long-term, low-risk financial products like fixed annuities.

Dave Ramsey certain that cooling Phoenix housing market won’t collapse like in 2008