azfamily.com
Posted on May 31, 2011 at 10:04 PM
Updated Wednesday, Jun 1 at 1:19 PM
PHOENIX, Ariz. - A national report by S&P/ Case-Shiller says an index of home prices in Phoenix has reached its lowest point since 2006, since the housing bubble burst.
The report measures data from March of this year.
Some analysts say the bottom could still be several months away, predicting prices take another 5 percent hit.
Mike Orr, founder of The Cromford Report, says while he agrees with the data, he believes the Valley has hit bottom and prices are on the upswing.
"February 22 was actually the date when I got the lowest reading. They're starting to move up now, but most people will not notice it because we're only talking about 1 or 2-percent... There's been a huge change in the market- the number of listings available for sale has dropped by nearly 40 percent, people who are trying to buy are finding that they're in a multiple bid situation."
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