Real estate in context: Low inventories, tight labor supply and the impact on recovery

Arizona real estate is often described as driving the economy, but is that true? Economist Dennis Hoffman and real estate experts Mark Stapp and Michael Orr discuss the role real estate has played in the cyclical Phoenix economy. Supply right now is low; in the past when supply was tight, builders could field crews quickly in response to demand, but policy changes mean that inexpensive labor will be in short supply too. If supply continues to be skimpy, will it affect overall recovery?