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Historically Arizona has experienced boom and bust real estate cycles. The period from 1983 to 1988 followed that pattern, when absorption of space leveled off and values increased. Metro Phoenix then experienced a downturn from 1988-1993. Despite a minor dip in 2001-2002, since then there has been rapid growth, new job opportunities, large net in-migration of new residents to the Valley and escalating land prices. The high water point in values occurred in 2006, while 2007 reflected a leveling off period, particularly with the ripple effect...