The Arizona Republic ran a story this morning under the headline “Valley Home Prices Continue Downward,” citing an Arizona State University report that says prices declined 18% year-over-year in April.
This is July 16, right?
The numbers also don’t exactly mesh with the reports coming from Arizona State’s Realty Studies department (though the April report was the one where it was admitted that homes being retaken by the bank after a failure to sell through a Trustee’s Sale were included in the numbers.)
ASU real estate professor Karl Guntermann, who compiled the report, said the continued rise in foreclosures was significant, but that gas prices, interest rates, tougher lending standards and buyer psychology also took their toll.
“It’s not just one thing,” he said. “That’s what’s so depressing, in a way.”
Sales have increased from the report’s April time frame but prices have not. It will be interesting to see what future reports hold.[tags]Phoenix real estate[/tags]