This is most likely not a big surpirise to most. I found this article particularly interesting in that it confirms my fears about the Graeter Phoenix area which is mentioned along with miami and California cities as experiencing the largest drop.

The article also mentions that the hardest hit communities are similar to my community of Maricopa Arizona where a huge price “bubble” burst about three years ago. Foreclosures in my market have more than doubled, from 440 to over 950, in the past 6 months. Only the forclosure moratoriums have slowed this trend a bit but I expect it to continue after the first of the year.

Since I specialize in short sale homes in Maricopa Arizona, I have seen quite an increase in the number of calls from distressed homeowners. The number of short sale listings continue to rise unabated and many of these will eventually find their way into the foreclosure market. This will be mostly due to the availablity of foreclosure proprties and a buyer’s desire to receieve a quicker response on their offers than short sales afford.

Last, but not least, the article ends up saying that it will take 48 months to clear the inventory of distressed homes. I was thinking/hoping it is closer to 24 months but that could be wishful thinking!

http://bit.ly/bfucGp