HAVE WE HIT THE BOTTOM OF PRICE DECLINES?

I observe a lot of people and they are often asking where is the bottom for declining home values in Phoenix/ Scottsdale area. Well i don't know and to say otherwise is merely a guess. However sometimes guessing can be fun so here goes.
I think there will be more downward trending in some areas through the next months until December 2008. Downward from what is the key question? To me that means downward from current list prices as their is still too much inventory and still it is often times overpriced. More foreclosures are also adding to the downward pressures in sales and leasing.

This is the time to buy, you just need to know what a good price is and the methodologies to determine such. I remember an old saying, pigs get fat, hogs get slaughtered!
If you buy now or over the next 6 months and hold the home for at least 5 years you will most likely be very happy you bought when you did. After all that has historically been the case for the 30 prior years in Arizona.