"Phoenix grew into the nation's fifth-largest city through a reliable pattern: Build affordable homes on the metro area's edges, welcome waves of new buyers, and then roads, schools and retail centers follow.
Home buyers relied on that pattern. Buy an affordable home on the edge, watch it quickly appreciate, then sell at a good profit and move again to a bigger home in an established area.
Builders and all the other businesses of the real-estate industry relied on that pattern. Develop open land just beyond established neighborhoods, offer affordable houses, and watch the area grow into the Valleys' newest suburb."
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Housing pattern crippled Phoenix
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