by Jan Buchholz, Reporter – Phoenix Business Journal
Home prices in the Phoenix metro area increased about 2.5 percent in January, according to CoreLogic’s Home Price Index. The result, which compared to sales from January 2011, was the best performance among the 10 metro areas examined. If distressed sales are removed from the sales, the year-over-year increase was a slight 0.3 percent. Arizona now has dropped out of the list of states with the most depreciation. From January 2011 to January 2012, the states with the most depreciation, including distressed sales, were Illinois, Nevada, Delaware, Alabama and Georgia. The states with the most depreciation, excluding distressed sales were Nevada, Delaware, Minnesota, New Jersey and Georgia. The states with the most appreciation during that time frame, including distressed sales, were South Dakota, North Dakota, West Virginia, Montana and Michigan. The states with the most appreciation, excluding distressed sales, were South Dakota, Montana, North Dakota, Alaska and Indiana. Arizona still ranks second nationally for the biggest declines in prices since the market peak. Prices in Arizona have dropped about 51 percent. Nevada is first with a 60 percent drop. Arizona is followed by Florida, California and Michigan. Jan Buchholz covers commercial and residential real estate, construction, architecture and transportation.