The Real Deal pulled this graphic from a Morgan Stanley report.

Phoenix has the dubious distinction of being #2 on this list sorted by the magnitude of their real estate busts.

“[T]he MSAs that endured the most serious declines in home prices have also rebounded the most. Home prices in MSAs such as Las Vegas, Phoenix and Miami – now regarded as the banner cities for pre-crisis ebullience for housing, recording declines in the 50%+ range – have shown notable rebounds, with price increases in the 30-45% range. Still, they are 35-45% below their pre-crisis peaks. Of the 20 MSAs we look at in Exhibit 1, San Francisco stands out, with a near 50% appreciation in prices since the trough. Still, it is 18.06% below its pre-crisis peak…”