Getty; Marianne Ayala/Insider
- Phoenix's housing market is deteriorating quickly as a drop in demand triggers home-price declines.
- Goldman Sachs forecasts that home prices in the desert metropolis could fall by as much as 25%.
- Experts are divided on whether Phoenix is facing a housing crisis on par with the 2008 crash.
"Like most bubbles, the longer it goes on, the worse the crash will be," Michael Burry, the fund manager and inspiration for "The Big Short" who famously predicted the 2008 housing crash once said about the danger of overly speculative, high-stakes market conditions.