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

” At a national level, declines in annual home price returns are showing no signs of a slowdown or turnaround,” says Robert J. Shiller, Chief Economist at MacroMarkets LLC.

Metro Phoenix home price appreciation was -5.5% from May 2006 to May 2007. Not killer… but… I would guess the next 12 months will see more of the same or worse.

Of course some areas will do much better and others much worse than average. Buy smart.

Case-Shiller home price appreciation for Phoenix