Valley Housing Prices Forecast To Dip...

Valley housing prices forecast to dip, from the Arizona Republic, reports that according to the Moody's Economy.com report released this week, Valley housing prices will dip 9.3 percent and will not bottom out until the late spring of 2008. Tucson's home prices are expected to fall 13.4 percent, and Prescott will decline 2 percent. All three Arizona markets saw prices peak in the first quarter this year and will hit bottom in the second quarter of 2008. Valley housing analyst RL Brown said the Moody's forecast is too pessimistic about the recovery. "I think it's clear we're going to continue to see an adjustment (down), but my thinking is that by the middle of next year, we ought to be at the bottom or close to it," said Brown, publisher of the Phoenix Housing Market Letter. He added that a 9.3 percent dip in Valley prices is not unrealistic.

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