LOG IN SUBSCRIBE WSJ U.S. Penalizes North Korea for Sony Hack 1 of 12 Prosecutors to Seek Death Penalty in L.... 2 of 12 Cities Set to Take Minimum-Wage 3 of 12 Obama Pivots to Lawmakers 4 of 12 ECONOMY In Phoenix, a Realty Check as Market Moderates From Bust to Rebound to a Return to Normal as Sales Cool Updated Aug. 18, 2014 9:22 p.m. ET 2014 Polls: Senate, Governors, More Sign Up: Get Capital Journal Daybreak Obama Weighing Business-Friendly Immigration Actions Tensions Flare Again in Ferguson To understand why the U.S. housing market this year isn't providing the lift many economists expected, look to Phoenix. Among the cities most battered by the 2006 bust, Phoenix was the first to snap back in 2011. Prices, off by 56% from peak, then rebounded sharply, trimming that drop by a third. The number of homes in some stage of foreclosure has fallen to about 4,300 today from more than 50,000 four years ago. Now, prices and sales are cooling off. Inventories of homes listed for sale have climbed to their highest level in three years while the number of houses sold in June fell 12% from a year earlier. The rebound during the past two years "gave people a false sense of how quick we would recover," said Jim Belfiore, who runs a local home-builder consulting firm. Sales in other once-hot markets also are slowing. Inventories in Washington, D.C., rose by a third in July from a year earlier, while sales were down 8%. Listings in Sacramento were up 44%, as sales dropped 11%. In Las Vegas, sales slid 10%, while the number of listings without offers rose 53%. Economists predicted double-digit gains in home sales nationally this year would help spur economic growth, but sales are down more than 5% over last year. "There appears to be a conservatism among consumers and their willingness to take on big-ticket purchases," said Doug Duncan, chief economist at Fannie Mae, whose view of the housing market has deteriorated recently. In a report Monday, Fannie cut its national housing forecasts for this year and next. Fannie now expects new-home sales of 431,000 this year, down 11% from last month's forecast, which would represent a gain of just 0.6% from last year. While activity is expected to pick up next year, it still won't be "the breakout year some are expecting," said Mr. Duncan, who cut the 2015 forecast for new-home Enlarge Image What's This?Popular Now ARTICLES Opinion: Science Increasingly Makes the Case for God 1 Opinion: Jeb Bush’s Conservative Immigration Agenda 2 Dollar Surges to 11 ½-Year High 3 TOP STORIES IN WSJ By N IC K T IM IR AOS CONNECT Email Print 12 Comments r News, Quotes, Companies, Videos SEARCH In Phoenix, a Realty Check as Market Moderates - WSJ http://www.wsj.com/articles/in-phoenix-a-realty-check-as-mark... 1 of 5 1/2/15 3:30 PM sales by 14%. As the foreclosure boom that fueled much of the recovery fades, income and population growth are reasserting themselves as drivers of ...

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ECONOMY
In Phoenix, a Realty Check as Market Moderates
From Bust to Rebound to a Return to Normal as Sales Cool
Updated Aug. 18, 2014 9:22 p.m. ET

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To understand why the U.S. housing
market this year isn't providing the lift
many economists expected, look to
Phoenix.
Among the cities most battered by the
2006 bust, Phoenix was the first to snap
back in 2011. Prices, off by 56% from
peak, then rebounded sharply, trimming
that drop by a third. The number of
homes in some stage of foreclosure has
fallen to about 4,300 today from more
than 50,000 four years ago.
Now, prices and sales are cooling off.
Inventories of homes listed for sale have climbed to their
highest level in three years
while the number of houses sold in June fell 12% from a year
earlier. The rebound
during the past two years "gave people a false sense of how
quick we would recover,"
said Jim Belfiore, who runs a local home-builder consulting
firm.
Sales in other once-hot markets also are slowing. Inventories in
Washington, D.C.,
rose by a third in July from a year earlier, while sales were

3. down 8%. Listings in
Sacramento were up 44%, as sales dropped 11%. In Las Vegas,
sales slid 10%, while
the number of listings without offers rose 53%.
Economists predicted double-digit gains in home sales
nationally this year would help
spur economic growth, but sales are down more than 5% over
last year.
"There appears to be a conservatism among consumers and their
willingness to take
on big-ticket purchases," said Doug Duncan, chief economist at
Fannie Mae, whose
view of the housing market has deteriorated recently. In a report
Monday, Fannie cut
its national housing forecasts for this year and next.
Fannie now expects new-home sales of
431,000 this year, down 11% from last
month's forecast, which would represent
a gain of just 0.6% from last year.
While activity is expected to pick up next
year, it still won't be "the breakout year
some are expecting," said Mr. Duncan,
who cut the 2015 forecast for new-home
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In Phoenix, a Realty Check as Market Moderates - WSJ
http://www.wsj.com/articles/in-phoenix-a-realty-check-as-
mark...
1 of 5 1/2/15 3:30 PM

5. sales by 14%.
As the foreclosure boom that fueled much of the recovery fades,
income and
population growth are reasserting themselves as drivers of the
housing market in
places such as Phoenix.
Meanwhile, lingering scars from the bust are playing out as
some of the country's
hottest housing markets struggle to pass the baton from bargain-
hunting investors,
who typically pay cash, to traditional buyers with mortgages.
The good news in Phoenix, as across much of the country, is
that the foreclosure crisis
largely has faded. That drop-off was a big driver behind the
surge in prices as more
buyers, especially investors, chased fewer homes. Rising prices
have led
homeowners to test the market and investors to retreat, a trend
playing out nationally.
Home prices are up nearly 46% from the 2011 low. Investors
accounted for nearly
15% of homes bought in June, down from about one-quarter last
year and one-third of
sales in June 2012, according to Mike Orr of Arizona State
University's W.P. Carey
School of Business.
In Phoenix, slow job and income growth are among the reasons
builders aren't
benefiting from the drop-off in foreclosures, especially as
investors and foreign buyers

6. have pulled back.
Employment in Phoenix, after expanding at an average annual
pace of 2.6% and 2.8%
in each of the last two years, is up just 1.5% so far this year,
state figures show.
"If people don't have jobs, they're not buying homes," said Greg
Markov, a local
real-estate agent.
The sluggish local economy is compounded by consumers still
too battered from the
bust to think about getting a loan. Some don't have sufficient
equity to turn a house
sale into an adequate down payment on their next purchase.
Others suffered credit
blemishes or income hits that make banks reluctant to lend.
"It is taking longer for folks who went through the downturn to
re-emerge," Mr. Belfiore
said. "Traffic at new-home developments is strong, he said, but
"people are not pulling
the trigger."
David O'Hagan needed three months and two price reductions to
find a buyer for his
five-bedroom home in the Phoenix suburb of Peoria. The sale is
set to close this week
for about 5% less than the $259,000 he initially asked, though
in four years he will
have turned a sizable profit.
"I had hoped to see more traffic. It was a little disappointing,"
said Mr. O'Hagan, who is
a transportation manager for a food company and is moving his

7. family to Maine.
Phoenix stands in contrast to other cities such as Houston,
Dallas and San Francisco,
where better job growth is fueling stronger demand.
Mr. O'Hagan, 39 years old, recently sold a separate rental home
in a Dallas suburb in
just days after 65 buyers showed an interest. It was "a complete
polar opposite" from
Phoenix, he said.
Builders, who paid premiums to buy land last year in
anticipation of a rebound, have
raised sales prices aggressively. "Maybe a little too much," said
Michael IlesCremieux,
vice president of land acquisitions at Scottsdale-based Meritage
Homes Corp.
The increase in inventory has been great news for buyers like
Rose Eltanal, a
39-year-old attorney who started house hunting in 2010, but
twice shelved her search.
Last month she negotiated to buy a four-bedroom ranch-style
home, initially listed at
$599,000, for $515,000. She says she was tired of "throwing the
money away" on rent.
Some early investors, meanwhile, are cashing out.
Jon Mirmelli, a real-estate agent, last year sold seven homes he
had acquired since
2010 as rentals. He is now selling two dozen more homes for a
national investor that
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10. he declined to name.
But he doesn't see a big risk of further price declines because
other investors are still
combing the desert for deals. The discounts of years past are
"something I'm not
going to see again in my lifetime," he said. "We have a normal
market again."
Write to Nick Timiraos at [email protected]
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Running Head: DRUG ADDICTION 1
ASAM. (2014). Definition of Addiction. The Voice of
Addiction Medicine. Retrieved from http://www.asam.org/for-
the-public/definition-of-addiction
Barber, E. (2014). Helping Heroin Users: New York Police to
Carry Overdose Antidote. The Christian Science Monitor.
Retrieved from http://www.csmonitor.com/USA/USA-
Update/2014/0404/Helping-heroin-users-New-York-police-to-
carry-overdose-antidote
Caron Treatment Centers. (2013). Marijuana. Current Statistics.
Retrieved from http://www.caron.org/knowledge-
library/statistics-outcomes
Caron Treatment Centers. (2013). Statistics and Outcomes:
Current Statistics. Retrieved from
http://www.caron.org/knowledge-library/addiction-
glossary/marijuana?WT.mc_id=GrantsPPC&gclid=CJ-R3-
aX3b0CFSqXOgod3D4A7Q
Clarksville Online. (2014). Tennessee Launches Additional
Efforts in 2013 to Reduce the Number of Drug-Dependent
Newborns. Clarksville News. Retrieved from
http://www.clarksvilleonline.com/2014/04/04/tennessee-
launches-additional-efforts-2013-reduce-number-drug-
dependent-newborns/
Foundation for a Drug-Free World. (2014). Drinking and
Driving. The Truth about Alcohol. Retrieved from
http://www.drugfreeworld.org/drugfacts/alcohol/drinking-and-
driving.html#understandinghowalcoholaffectsthebody
Mayo Clinic. (2014). Drug Addiction: Causes. Mayo Clinic
Staff. Retrieved from http://www.mayoclinic.org/diseases-
conditions/drug-addiction/basics/causes/con-20020970

12. Mayo Clinic. (2014). Risk Factors. Mayo Clinic Staff. Retrieved
from http://www.mayoclinic.org/diseases-conditions/drug-
addiction/basics/risk-factors/con-20020970
NCADD. (2014). Alcohol and Drug Information. National
Council on Alcoholism and Drug Dependence, Inc. Retrieved
from http://www.ncadd.org/index.php/for-the-media/alcohol-a-
drug-information
New Jersey D.H.S. (2014). Recovery Support Resources.
Division of Addiction Services. Retrieved from
http://www.nj.gov/humanservices/das/recovery/resources/
NIH. (2009). DrugFacts: Treatment Approaches for Drug
Addiction. National Institute on Drug Abuse. Retrieved from
http://www.drugabuse.gov/publications/drugfacts/treatment-
approaches-drug-addiction
NIH. (2011). Marijuana Abuse in the United States. National
Institute on Drug Abuse. Retrieved from
http://www.drugabuse.gov/publications/topics-in-
brief/marijuana
Recovery Connection. (2014). Cycle of Addiction. Drug and
Alcohol Rehab. Retrieved from
http://www.recoveryconnection.org/cycle-of-addiction/
Rittiman, B. (2014). Colorado Raises $2M in First Month of
Marijuana Taxes. KUSA. Retrieved from
http://www.9news.com/story/news/local/2014/03/10/first-
month-of-marijuana-taxes/6257687/
Timberline Knolls. (2014). Prescription Drug Addiction
Symptoms and Effects. Timberline Knolls Residential
Treatment Center. Retrieved from
http://www.timberlineknolls.com/drug-addiction/prescription-
drugs/signs-effects
Timberline Knolls. (2014). Heroin Addiction Symptoms and
Effects. Timberline Knolls Residential Treatment Center.
Retrieved from http://www.timberlineknolls.com/drug-
addiction/heroin/signs-effects
Foundation for a Drug-Free World. (2014). Drinking and
Driving. The Truth about Alcohol. Retrieved from

13. http://www.drugfreeworld.org/drugfacts/alcohol/drinking-and-
driving.html#understandinghowalcoholaffectsthebody
HSCO 500
Research Paper – Annotated Bibliography Instructions
The annotated bibliography is a collection of 10 one-paragraph
summaries of peer-reviewed journal resources that you intend to
use in the Research Paper – Final Draft.
1. The articles must be current or dated within the past 5 years.
2. Do not paste the article abstract in the annotated bibliography
paper. Annotations must be your summary of the article. The
summary must include any research findings that were included
in the article. (Do not simply state that the authors conducted a
study without providing a summary of the findings.)
3. Do not paste the Annotated Bibliography in the final draft of
your paper. The Annotated Bibliography simply provides
information that will contribute to the Research Paper – Final
Draft.
Requirements
1. Include the full source citation at the beginning of each
summary.
2. Follow current APA format guidelines.
3. Provide sufficient information in the summary so the reader
knows what the article contributes to the Research Paper – Final
Draft. For example, if you mention a study, also include a
summary of the relevant findings. To say, “The authors
conducted a study” without an explanation of what they found
offers no information.
4. List the sources alphabetically according to the first author’s
last name.
5. Include a title page.

14. This assignment is due by 11:59 p.m. (ET) on Sunday of
Module/Week 3.