Lee McPheters State Quotations

Although the concept of a real estate bubble has attracted much attention, home prices in the U.S. at the national level have not declined since the days of the Great Depression.

For example, population growth varies from state to state, with states in the Sunbelt attracting new residents from other states. It is reasonable to expect faster-growing states such as Arizona and Nevada to continue to see stronger housing markets.

The three fastest-growing Western states -- Nevada, Arizona and Utah -- are expected to slow down over the next two years. Still, it is likely that these states will be in the top 10 for job creation yet again this year and next.

Construction is at record high levels throughout the West. It is likely that as home building cools, those states that have seen construction hiring booms will record job losses as the cycle begins to subside.