Phoenix home prices falling big time

Phoenix is faring worse than most cities according to the Standard & Poor's 20 City Housing Index.

NEW YORK (AP) _ A closely watched index shows Valley home prices tumbling by the sharpest annual rate ever in July.

The newly released Standard & Poor's/Case-Shiller 20-city housing index showed a record drop of 16.3 percent in July from the year-ago period - the largest drop since its inception in 2000. The 10-city index plunged 17.5 percent, its biggest decline in its 21-year history.

Home values in all 20 cities fell year-over-year, with Phoenix faring worse than most cities. Prices Valleywide plummeted more than 29 percent in July from one year ago.

The only metro area doing worse than Phoenix is Las Vegas, where prices are plunging at nearly 30 percent.

However, the pace of declines has slowed over the last three months, but there is still no sign of a bottom, one of the index creators said.

Housing prices fall again in Arizona

According to NAR, housing prices fell another 2% in March here in Arizona.

Prices keep falling on most homes in Arizona. Right now would be a great time to swoop in on some investment property or future rental property. I think the bottom has not yet been reached for the housing problems, however I do think now is a good time to start looking for property and get something you have always wanted...there are more choices and available homes on the market now than there have ever been.

Start looking around or call an agent today!