Phoenix-area housing double dip looms

The threat of second dip in the Phoenix-area housing market looms large, but comparing it with the market's initial plunge it would be like looking at a pothole next to a sinkhole, local real-estate analysts said.

The near-absence of first-time homebuyers and a massive-scale lender review of foreclosure practices have weakened the housing market in final months before 2011, according to housing analysts, economists and others.

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