(See recent posts on Phoenix Case-Shiller Home Price Index.)

The home price depreciation in Phoenix continues to accelerate according to the latest Case-Shiller numbers.

From November to December the Phoenix Home Price Index fell 3.6% which was even larger than the crazy large decline the previous month, 3.2%. From June to December prices fell 11.7%. Yikes!

If anything close to that rate continues, Phoenix home prices should “bottom out” in 2008.

The Case-Shiller index, however, obscures the large differences within metro Phoenix sub-markets.