/A Decade After the Housing Bust, the Exurbs Are Back

A Decade After the Housing Bust, the Exurbs Are Back

Maricopa, Ariz.—The exurbs, the engine of the American housing market, are back.

A decade ago, the sight of new homes under construction in Maricopa, an enclave of tidy cul-de-sacs 35 miles from downtown Phoenix, was almost unimaginable. Four in five homeowners were underwater, with their outstanding mortgages worth more than their properties, according to housing data tracker Zillow. Neighbors felt compelled to cut the hedges and clean up garbage at empty houses.