Yikes! Arizona homes prices are dropping faster then ever according to figures from the Office of Federal Housing Enterprise Oversight. The value of an average home in Arizona slid 5.5% in the first quarter of this year compared with the same period last year.
At least Arizona didn't rank number one in the list. Florida homes lost 8.1% of their value, while Nevada saw a 10.3% decline and California saw a 10.6% decline.
At least Arizona didn't rank number one in the list. Florida homes lost 8.1% of their value, while Nevada saw a 10.3% decline and California saw a 10.6% decline.
Tucson home values didn't see quite the decline that Arizona saw overall. Year over year values in Tucson are down 2.9%, with a single quarter drop of 2%. Phoenix saw a big drop of 6.7%. Still puts Arizona home values up more then 72% over the same period five years ago, so homeowners that bought around 2002-2004 should have quite a bit of equity.
OFHEA has a great little graph that shows the trends in Tucson property appreciation
Read about Arizona home prices falling at record rate
1 comment:
Tucson home values didn't see quite the decline that Arizona saw overall..........
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Julie
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