(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.