Home prices in the Phoenix area fell for the 18th straight month in August, breaking a record for consecutive months of falling prices.
The Valley has not seen a prolonged home-price drop like this in more than two decades.
According to Arizona Sate University research, prices in August were down 26 percent compared to the previous year. They fell 2 percent from just one month before.
The previous record of 17 straight months of declines was set in the early 1980s, during a downturn that pummeled the savings and loan industry.
Experts said they expect the prices to drop again when September and October data comes in.
