It is now more than five years since the residential housing market began its decline. Current start levels have continued to fall through this period. Starts peaked in 2005 at over 87,000. In 2010 starts were at just 11,700, or 13.4% of peak. Even if we consider the 2005 peak to be an aberration, using the 1990’s as a guide, a normal year for Arizona would average 57,000 starts. Using that as a yardstick, starts in Arizona for 2010 were at 20% of normal.