LAVEEN, Ariz. - The west Phoenix “urban village” of Laveen is embarking on a new housing boom.
Three new subdivisions are going up in the community of roughly 93,000 residents.
Val Espinoza recently purchased a home near 43rd Avenue and Baseline Road. The subdivision where she purchased her house is being constructed by Beazer Homes.
“All this construction, I think it's great. It means our economy is getting better,” she said.
A recent study by Brown and Burger forecasts an estimated 18,000 new homes will be built Valley-wide this year.
But in Laveen, there are still reminders of what happens when the housing market gets ahead of itself. Another development just to the south of the Beazer subdivision remains half-finished. The site was abandoned by the builder six years ago, leaving dozens of lots empty next to finished homes.
Housing experts say if Laveen and other Valley communities are to avoid mistakes of the past, lenders and home buyers must adhere to stricter finance regulations meant to prevent risky mortgages.