In Phoenix, one in every 257 homes received a foreclosure notice in July (compared with only one in 611 housing units nationwide), and the city has been plagued with chronic, sky-high foreclosure rates for several years. It has also experienced a documented double-dip in home prices. Experian reports that home values in Phoenix saw a peak-to-first-trough decline of 42 percent in 2009, and they have declined an additional 5 percent relative to their peak. The only upside is for buyers. The influx of new renters (i.e., foreclosed former owners) has rendered renting a home in Phoenix more expensive than buying one.
Median Sales Price: $87,000
Property Address: Address Not Disclosed, Phoenix, Ariz.
Bedrooms: 9 | Bathrooms: 11 | Square Feet: 17,799
List Price: $6,950,000