GILBERT, AZ - MARCH 06: Empty parcels of land are seen at a new housing development on March 6, 2013 in Gilbert, 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)
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Getty Images News Justin Sullivan