Well, at least Phoenix is better off than the California real estate market.

The median price of an existing home in California will fall 4.8 percent next year and 2.9 percent the year after, Ken Rosen, chairman of the Fisher Center for Real and Urban Economics at UC Berkeley… “It’s going to take three or four years for incomes to catch up to housing prices.”

Another economist states;

“The prices now are way out of line with the income and income prospects of people and they are way out of line with the kind of house you can by in comparable western cities like Phoenix or Denver or Portland or Las Vegas.”

The generally more optimistic California Association of Realtors is estimating the California real estate market will take “another 18 months or so to work itself out.”