In Phoenix, home prices have been declining at a slower rate. ASU professor Karl Guntermann who studies the Phoenix housing market, feels that 2011 might be the year the market turns around:
“Given the pattern that is emerging, it is likely that declines will continue for at least the next several months,” Guntermann said.
However, he noted that the current housing market was far less volatile than it had been.
“To put things in historical perspective, from December 2007 to December 2008, average Phoenix-area home prices dropped 33 percent,” Guntermann said. “From December 2008 to December 2009, they dropped another 13 percent.”
By that standard, an 8 percent year-over-year drop is an improvement, he said, adding that home prices would likely stabilize by the end of the year.
M however, has a different take on the market, but he’s doing his talking with pictures. He sent me the following maps of Phoenix area homes scheduled to go into foreclosure with the comment: [Dripping with sarcasm, just in case it’s not obvious.]
After nearly five years and trillions of dollars spent, thank God it’s over.