I read recently in a report published by CNNMoney that Phoenix home values are currently 35% overvalued. WHAT???? Overvalued as compared to what… a Volkswagon?
I only ask because yesterday I wrote an offer on nice little condo with mountain & pool views in Phoenix. This condo sold in 2006 for $180,000. List price today? $54,000.
There are over 2000 homes/condos for sale in the Phoenix metro area that are priced UNDER $55,000.
Home values have fallen 50-70% in many areas. Call me crazy, but I wonder how can anyone think Phoenix is overvalued? 3 years ago absolutely, but today? Not so much.

