The real estate bust is bad news for homeowners and lenders but it’s great news for home buyers.

The graph below of the Phoenix area monthly housing payment is taken from data from ASU Realty Studies.

The graph shows data through the fourth quarter of 2008. I expected the fourth quarter monthly housing payment to come in at less than $1,000 and it did at $980. The peak was $1,675 a month in the second quarter of 2006.