The housing woes in Arizona have stalled the outward growth of Phoenix metro, as the fringe areas are getting hit the heaviest:
"9 housing projects on hold in Queen Creek"
Amanda Keim, Tribune
At least nine housing developments in Queen Creek have stalled since the beginning of 2008, and those are only the difficulties the town knows about as a result of the past year's recession.
"As you might expect, there's a lot of projects that are on hold right now," said Tom Condit, Queen Creek's community development director. "We're sort of waiting this out like a lot of municipalities. Developers don't have to tell the town they're halting construction, Condit said, but the town does get indications when permits lapse or when properties change ownership.
The first sign of the building slowdown in Queen Creek was when TOUSA, the parent company of Engle Homes, filed for Chapter 11 bankruptcy protection in January. Shortly afterward, signs of work stopped on the 113 homes the builder had intended to construct in phase three of the Sossaman Estates subdivision.
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