Phoenix homes overvalued? What???

by admin on March 10, 2010 · 0 comments

phoenix home valuesI 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.

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