The real estate market news in Arizona is even more disappointing than it has been earlier this year. Home values continue to plummet. New figures from the Office of Federal Housing Enterprise Oversight reveal that homes in Arizona are now worth less than they were a year ago. This real estate market news is about the worst news that any homeowner is ever likely to hear, especially if it is someone who bought into the home market at the height of the surge in prices and has a huge mortgage and not enough equity left to cover that mortgage. One fact stands to dominate real estate market news in Arizona for the next four to five years: lower housing sales, plummeting equity values, and a generally depressed real estate market. It seems as though the exuberance of the previous five years was as irrational as it was excessive. As prices continue to go down in real estate market news, it can only be seen as a natural correction to a market that became excessively overheated. It's bad news for most Arizona homeowners, but good news for anyone looking to buy a home there as long as they have good credit or a boatload of cash.
