Continued price pressures

Interesting excerpt from an article :

Arizona's most severe real estate downturn began in the late 1980s and stretched deeply into the next decade. At the abyss, home prices in the state had declined (on a repeat-sale basis) for a record 17 straight months.
The -RSI report, which compares February 2008 home sales against the same month the year before, showed home prices fell by 9.3 percent.
"The Arizona housing market was deteriorating gradually last year," says Guntermann, "and then shifted to a higher plateau in December, and we have stayed at that higher rate of decline since then. About the only good news is that the rate of acceleration has eased, although the market is still going in the wrong direction and will continue to do so into the near future."