xxxx

A report has come out saying that while home prices around the country dropped in February, Phoenix, Arizona is the leader for largest decline in home prices.

The average home price fell 35% in Phoenix from February 2008 to February 2009 according to the S&P/Case-Shiller 20-city home price index. Phoenix homes are also down 51% from the city’s peak.

The report showed that out of the 20 cities indexed, the average home price fell 18.6% for February 2009 when compared to February 2008, continuing a 31 month consecutive decline.

This came on the heels of Bernanke coming out to say that the economy will turn around by the end of 2009. Well, I hope so. With the way the news is going, it seems like you’ll have to pay someone to take possession of your house by the time we’re finished with the recession rather than getting anything for it.

It is still a good thing to be a home owner, people are just having a hard time getting loans because of tightening credit at banks. It’s a vicious cycle, and today, I am blaming lenders.

Jeremy

View all posts by Jeremy
Jeremys website