Forecast shows Arizona economic losses continuing through year-end, stabilizing in 2010 - Phoenix Business Journal:

One firm is calling for a rebound to begin early next year. Let's hope they are correct!

Forecast shows Arizona economic losses continuing through year-end, stabilizing in 2010 - Phoenix Business Journal:: "Arizona will end 2009 with a 6.5 percent loss of jobs, a 3.6 percent dip in gross domestic product and housing prices down by 8.4 percent, though 2010 offers a more flat economic picture.

According to BBVA Compass Bank’s third-quarter forecast, Arizona’s economy will continue to feel the pain of the housing bust, credit crunch and recession. The 2009 loss of jobs follows up on a 2.1 percent loss in the state in 2008.

The home price decline comes after an 11.7 percent drop in 2008, though the forecast shows prices improving by 4.6 percent in 2010.
The bank also expects state GDP to rebound a bit in 2010, with 0.9 percent growth after a loss this year. The forecast also shows Arizona ending the year with a 33.7 percent jump in home sales as foreclosed properties and bargain-basement sales help push demand. That follows a 26.5 percent drop in home sales in 2008, according to BBVA Compass."