Prices have dropped in Phoenix more than any other Metropolitan area. Read this excerpt from CNN.com.
PHOENIX (Fortune) -- Did you happen to see the latest home-price stats from S&P/Case-Shiller, or did you avert your eyes? Here's what struck me: As of March 2009, every metro area in Case-Shiller's 20-city index, without exception, has fallen double digits from its peak. Ten are down more than 30%. Eight have dropped more than 40%. Las Vegas is down 50%. Phoenix? It doesn't get any worse than Phoenix. According to Case-Shiller, between June 2006 and March 2009 the average house in Phoenix lost a staggering 53% of its value. Possibly during the Great Depression, but almost certainly at no time since then, have house prices in a major metropolitan area fallen by more than half. It's almost unbelievable. Brother, tell me you didn't buy a house during the boom in Phoenix!
It's hard to say if we're at the bottom yet but prices are really really low all over the valley. Interest rates are starting to go up a bit so you might not want to wait too long. Contact me and I'll help you determine if this is the right time for you to buy. You can contact me at www.RooPhoRealty.com or Chris@RooPhoRealty.com
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