[Source: Howard Fischer, Capitol Media Services] — Home values in Arizona continue to plummet at faster and faster rates. New figures from the Office of Federal Housing Oversight show the average value of Arizona homes dropped 4.4% in just three months ending June 30. That compares with a 2.8% drop in the prior three months, a 1.2% drop the quarter before that and a decline of less than 1% a year ago.
Overall, home values in Arizona are now 9.2% lower than a year earlier. That means a home worth $200,000 on June 30 last year now is worth less than $181,700. That 9.2 percent drop compares with a nationwide decline of just 1.7%. Only California, Nevada, and Florida had sharper year-over-year declines… Home values in Maricopa and Pinal counties slid almost 5.2% between the first and second quarters of the year, compared with less than 3.3% between the last quarter of 2007 and the first quarter of this year. And OFHEO calculates the value of homes tracked is down more than 11%. [Note: To read the full article, click here.]
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