Home prices in Phoenix have fallen dramatically since 2006.
About a month ago we reported that housing prices had dropped record levels in January. But February provided a little better news. The Case-Schiller Index, which follows the housing prices of 20 metropolitan areas, dropped again in February. But the drop of 2.2% was not a record for the first time in months, including the double digit decline of 18.6 percent versus last year.
And while some markets such as Phoenix, Las Vegas, and Miami have lost around half their value in recent months when compared to levels during the boom, other markets have not been hit as badly. Furthermore, sales in 10 states, including California, have increased.
The average price of a home in the United States has fallen from $230,000 at the height of the boom to $175,000.