Spurred By Rising Prices, Phoenix Undergoes A New Housing...

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The footprint of a new home stands at a housing development on March... News PhotoArizona,Business,Civilian,Construction Industry,Development,Finance,Footprint,Horizontal,Mesa - Arizona,New,Occupation,USAPhotographer Collection: Getty Images News 2013 Getty ImagesMESA, AZ - MARCH 06: The footprint of a new home stands at a housing development on March 6, 2013 in Mesa, Arizona. In 2008, Phoenix, Arizona was at the forefront of the U.S. housing crisis with home prices falling 55 percent between 2005 and 2011 leaving many developers to abandon development projects. Phoenix is now undergoing a housing boom as sale prices have surged 22.9 percent, the highest price increase in the nation, and homebuilders are scrambling to buy up land. (Photo by Justin Sullivan/Getty Images)