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Zillow is not know for being very accurate on valuations, but it is a guide that one can use. Below is a report I received from zillow today. It states that "home values in Phoenix decreased 15.7% in the first quarter of 2008. We have really seen home prices dive since late February or early March. I would say this is a time where Zillow's estimate is pretty accurate.
"Home Value Trends in Phoenix According to Zillow's latest Home Value Report, home values in Phoenix decreased 15.7% in the first quarter of 2008, compared to the first quarter of 2007. Nationally, single-family home values decreased 7.5% while condo values declined 9.0% during this same period. Use this information to help keep your clients informed."
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