From yesterday’s Arizona Republic: [Thanks L!]
Valley home prices continued their year-over-year plunge in April, dropping a record 18 percent as the impact of foreclosures and other economic factors exerted even greater influence, according to an ASU report issued Tuesday.
The Arizona State University Repeat Sales Index, which tracks repeat same-home sales, reported an "off-the-cliff drop" in home prices due in large part to foreclosures, which made up 20 percent to 30 percent of all April home sales.
ASU real estate professor Karl Guntermann, who compiled the report, said the continued rise in foreclosures was significant, but that gas prices
"It’s not just one thing," he said. "That’s what’s so depressing, in a way."
In March, ASU reported a 13 percent drop in year-over-year home prices for the Phoenix metropolitan area, at that time the largest decline ever recorded.
These figures are interesting in that like the famous Case-Shiller study, this is based on "same-home sales" rather than on median price changes. Granted, given the condition of some foreclosures, you have to wonder if the "same home" was really the "same house" when it sold the second time. Still, the trend is clear.
Long time readers know to start looking for the report by Jay Butler of ASU’s Realty Studies this time of month, and might be wondering if Guntermann has replaced him. This is actually a different study than the one done by Dr. Butler, so as far as I know, we should be hearing from Butler any day now.
