The Phoenix housing market made history this week, and not history it was hoping to make. The Phoenix housing market is the first American city market to have their home prices cut in half.
According to data released on Tuesday, Phoenix has become the first city to see a 50% drop in value as Phoenix housing prices have fallen 50.8% since their high in June of 2006. Prices fell 4.5% in February and with that drop the record was set.
The one bright spot for the Phoenix market is Phoenix area foreclosures have been selling quickly over the last few months. A look at foreclosures under $100k show the average property sold for 97% of asking price which shows a competitive market with multiple offers which could signal the bottom is close.
