PHOENIX -- Valley homeowners, brace yourselves for more bad news.
A new report indicates home prices will continue to shrink nationwide, with an especially sharp decline here in Phoenix.
"That's real scary," said Tempe resident and homeowner Linda Weinberg. "I hope that's not conceivable. It's pretty scary."
According to Fiserv, a financial information and analysis firm, home prices in Phoenix are expected to lose another 23.4 percent by June of next year.
"Such is the state of the market," said Chandler resident and homeowner Mark Siebel. "Just like anything it can go up or it can go down. It's unfortunate if it would go down another 23 percent."
One bright spot in the report is that Fiserv expects the losses to be less than 5 percent the following year compared to other markets where the declines will continue to be steep into 2011.
Fiserv estimates home values have already collapsed by 54 percent here in the Valley.
"(The report) means I consider going into foreclosure or short sale," said Gilbert resident and homeowner Bruce English. "Or being stuck with a home for 15 years before reaching break even to sell it."
