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

Phoenix homes have depreciated 21% from their peak value in June 2006 according to my analysis of the Case-Shiller data.

Since the August 2007 mortgage meltdown, prices have fallen about 15%.

The home price depreciation in Phoenix continues to accelerate according to the latest Case-Shiller numbers. From December to January the Phoenix Home Price Index fell 4.2%… that’s in 1 month!

It’s looking more and more likely to me that home prices in metro Phoenix as a whole will “bottom out” in 2008. Clearly, we’ll start to see the decline begin to decelerate in February or March.

Put together a down payment and keep your powder dry.

As always, the Case-Shiller index obscures the large differences within metro Phoenix sub-markets.