Are housing prices coming down in AZ like they are in NJ?

[sfw1979]

Originally Posted by Sean_Harrington

It depends on WHERE your house is in AZ. If you are in the Phoenix area, surrounded by thousands of houses all the same, and 300 of them are for sale, how do you get somebody to buy yours?

My house just sold, up North, and it was at full asking price, but it did take 4 months. The entire state is not the Phoenix market.

Depends where you are! We sold our house in Yuma, it did take 5 months and we came down 30K but we still made a nice profit. Yuma seems to not have such a big problem as Phoenix as they don't have as many homes for sale.

[norm]

According to CNN/Money.com housing prices in Phoenix will drop 5.5% in the next year. The average home price is $271,000.

Where I live in Nassau County NY prices will drop 6% in the next year and the average home price is $483,000.

We moved into our house 7 years ago and it has increased in value 2 1/2 times since then so if I sold now even with a 5% reduction I would still be making a big profit.

Texas is the state forcasted to have to most cities where housing prices will increase in the next year.

Here is a link to the web site http://money.cnn.com/galleries/2007/...ets/index.html

[azjack]

There are many instances of houses selling for $150K in early 2004, and then selling for around $300K by late 2005. That insane speculative mania fueled by loose credit ended as 2005 turned into 2006. As credit standards ultimately become tighter than they have been in many years, price drops will be just as dramatic. Whether the bottom comes in two years or five years, total price drops of 40%, 50%, or more are inevitable. The Metro Phoenix economy is extremely real-estate dependent.