The good news is our property taxes are in the process of adjusting back down to where the yshould be. too bad the yare delayed by 2 to 3 years.

that is a bit disconcerting. the way i look at it. its partly a market adjustement after the horrible prices we saw a few years back. then the economy isnt helping any either its the same trap homebuyers fell into the first time, except its a much smaller drop the way things are i just wonder if my house is worth what i paid for it 3o years ago i guess the deal is is if ya feel the house you want is worth what theyre asking go for it and bite the bullet.

CanOrAz, we are looking at houses in the NW valley and there are only flips, shortsales and HUD out there also. Less than 10% are owner occupied. Yeah the flips are coming down in price in line with comps, because they were getting greedy for a while.

Lorida, Obama sent them the money soon after it was reported that most of the money the US has snet in the past never made it to where it was supose to go. Instead of bolstering the Pakastan army to fight the Taliban that Obama wants group huges with, it is going to line the pockets of their economy and politicians.

Time for a new home building moratorium until empty houses are sold. Only way values will go up.

Is there a link to where the actual report can be read? What is the basis for a precise 23.4% drop?

Its news like this that is scaring buyers and sunting the already slow market. As long as new home builders dont flood the market like they did a few years ago, home prices wont go down to much further. Its all about supply and demand. The bank owned and short sales need to diminish enough so prices will start to stabilize. I have also been seeing and increase in some areas of the valley as canoraz is saying.

I'm a Realtor in San Tan Valley, and I can tell you that in my area, prices have been steadily going up since the first of the year, fueled by investor cash and flipped properties. The foreclosures have all but dried up and the only new market on resales are short sale properties. With that said, I am noticing that the flipped properties are not 'flying off the shelf' as they have been for the past four months and the 'flippers' are having to bring down their prices. Also of note is that 'private' sales (not bank owned or short sale) have decreased dramatically in the past three months to compete with the foreclosure and flipped property prices. I'm expecting San Tan Valley prices to stay fairly static in the next six months.

WHATSMYNAME, you're exactly right....the housing market has been artificially inflated by investors, house flippers, and the people that finance their homes right up to the limit as if there is no ceiling. The people that bought houses that are out of their league just because they could have no complaint, reality just set in. The people that have been living within their means and lost everything because of job losses or whatever are actually very few.

Who wants to live in Mexico??? The price drop is directly associated with the crime rates and the Illegal Population!!!