Some Valley Areas May See Prices Decline

The Phoenix Business Journal reports that Dr. Jay Butler stated "There may be some Valley neighborhoods and parts of the Valley that might see some decline in home value." Butler speculated that high-growth areas of the far West Valley and far East Valley that have recently noticed huge mark-ups in home prices are likely to be the first areas to see a pullback in prices. If housing prices do back down dramatically, Butler said it is the outright investor taking the hardest hit. The median home price in the Valley is in the range of $220,000 to $230,000, according to Butler's current research. More...