With 59,000 residential foreclosures, Metro Phoenix appears to be in over its head. When you look more closely at the statistics, however, you understand that this represents only a 1.5-2.0 year supply in housing stock in an average market of 42,000 sales per year. In comparison to our neighboring states, Nevada has 189,000 foreclosures and California has 2.6 million. This represents a 5.4-year supply in California and a 7.6-year supply in Nevada. Metro Phoenix should be building new homes within two years...