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

Phoenix homes have depreciated 24% from their peak value in June 2006 according to my analysis of the Case-Shiller data.

From the August 2007 mortgage meltdown to this latest data for February 2008, prices fell 17%, or almost 3% per month.

And the fall continues to accelerate but at a decreasing rate according to the latest Case-Shiller numbers. From January to February prices fell 4.25%, slightly higher than the previous month which was 4.23%.

Last month I said, “Clearly, we’ll start to see the decline begin to decelerate in February or March.” Well, I was wrong about February. Let’s see about March.

As always, the Case-Shiller index obscures the large differences within metro Phoenix sub-markets. This website, ArizonaRealEstateNotebook.com, is the best I’ve seen for allowing you to look at real estate trends by zip code and to tease out trends within the metro Phoenix area.

2008-03-25-case-shiller-index-for-phoenix.png

ADDED: Forget everything I ever said about a soft landing.