Here is another national real estate expert, Dan Alpert of Westwood Capital, who says Phoenix home prices have overcorrected.

“Phoenix is the poster child for markets that have overshot.”

He says from 1955 to 1997, home prices nationally were never more than 13.8 times rent. Home prices peaked at 28 times rent in 2006. Now, home prices are coming right back to historical norms, nationally.

In Phoenix, prices are no longer justifiable given where rents are. The median price is too low.

See his comments on the Phoenix real estate market starting at 4:34 in the video below.