THE SECRET IS OUT, PROPERTY VALUES ARE DOWN

It is what it is! I don't like it, but I am seeing it everyday. Property values have dropped and those that don't get it need to take their home off the market. They are doing more damage to their own value than they will ever comprehend. Many areas of the valley are beginning to see a bottom. The unfortunate fact is the sooner we get prices down, the sooner we get to recovery. Lower prices bring the buyers out. I have 3 clients who have been out bid on Full price offers over the last week!

Home Prices Fall by Record Amount
By J.W. ELPHINSTONE,

NEW YORK (July 29) - Home prices tumbled by the steepest rate ever in May, according to a closely watched housing index released Tuesday, as the housing slump deepened in the U.S.

The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000. The 10-city index plunged 16.9 percent, its biggest decline in its 21-year history.No city in the Case-Shiller 20-city index saw price gains in May, the second straight month that's happened. The monthly indices have not recorded an overall home price increase in any month since August 2006.Home values have fallen 18.4 percent since the 20-city index's peak in July 2006.Nine metropolitan cities - Las Vegas, Miami, Phoenix, Los Angeles, San Diego, San Francisco, Detroit, Minneapolis, and Tampa, Fla. - posted record lows in May. And the value of housing in Detroit is now lower than it was in 2000.But a possible bright spot in an otherwise dismal report, seven metros - Tampa (Florida), Boston, Detroit, Minneapolis, New York, Dallas and Atlanta - showed smaller annual declines.Las Vegas recorded the worst drop, with prices plunging 28.4 percent in the month. Miami came in a close second, with prices down 28.3 percent.
http://www.walletpop.com/article/_a/home-prices-fall-by-record-amount/20080729092909990002