|Last year as many as a third of new home sales here went to speculators and investors. Many of them are now competing with builders to dump their holdings, and prices in some developments have dropped by more than $100,000. Source: Business 2.0 Where Not to Buy|
All you need to do is take a casual stroll around some of the new and used houses for sale and see what astronomical prices people are expecting for next to nothing. I agree with their analysis. Another year of falling prices ahead for Phoenix.