All cities are being hit with the plummeting of their housing market. Now metropolitan Phoenix is in the forefront of the list of cities which is according to the S&P/Case-Shiller Home Price Index. From August of last year to this year, the homes in the Valley dropped in price at about 30%.
This drop in home prices beat out Las Vegas that used to be the number one city of dropping house prices. Arizona Bankruptcy and Foreclosure rates are also high.
Cities like San Francisco, Los Angeles, and San Diego ranked high too since their house prices have dropped nearly 25% in the last year.
Most big cities are seeing a big drop. The index showed that 20 of US largest cities had a 17% drop in their housing prices. There were two cities, Cleveland and Boston that did mark a gain in the home prices.
The data produced by the S&P/Case-Shiller Home Price Index is one of the most accurate ways to track home prices in the country. The data has a delay of about two months which allows the researches to collect all the home data they need to input into the index.
With this drop in the housing prices, many in Phoenix are entering into foreclosure, but many are also looking at alternatives like loan modifications.
If you are in a financial bind, contact our Phoenix Bankruptcy Lawyers with Phillips and Associates. We can discuss whether or not bankruptcy is the right option for you.
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