Florida Virtual Houses

What happened in Phoenix

June 12th, 2009

Did you happen to see the latest home-price stats from S&P/Case-Shiller, or did you avert your eyes? Here's what struck me: As of March 2009, every metro area in Case-Shiller's 20-city index, without exception, has fallen double digits from its peak. Ten are down more than 30%. Eight have dropped more than 40%. Las Vegas is down 50%. Phoenix? It doesn't get any worse than Phoenix. According to Case-Shiller, between June 2006 and March 2009 the average house in Phoenix lost a staggering 53% of its value. Possibly during the Great Depression, but almost certainly at no time since then, have house prices in a major metropolitan area fallen by more than half. It's almost unbelievable. Brother, tell me you didn't buy a house during the boom in Phoenix!

Entry Filed under: News