Arizona Realtor Describes 'Vibrant' Home Sales

Realtor Randy Courtney takes Here & Now's Jeremy Hobson on a tour of Tempe, a Phoenix suburb that's seen it all.

Metro Phoenix was ground zero in the 2008 housing market collapse, but the city's real estate market is bouncing back. Only one-fifth of homes are now underwater, compared to nearly three-quarters at the height of the crisis.

The market is cooling a bit after investors swooped in to buy up short sales. And a housing shortage has brought prices up to 2003 levels.

As Courtney tells Here & Now, Phoenix was "one of worst-hit places but one of the quickest to rebound."