AZ: Phoenix Area Sees Biggest Home Depreciation in US

Phoenix Real EstateThe Phoenix-Mesa-Glendale metro area is No. 1 in price depreciation for depreciation of single family homes, according to a study conducted by CoreLogic, a national research and analytics company.

Non distressed single family homes depreciated 7.9 percent for the 12 months ending July 31. All single family homes, including distressed, depreciated 10.8 percent. While Chicago-Joliet-Naperville landed second on the list with a drop of 10.7 percent depreciation on all homes, the Chicago metro area only had a drop of 1.3 percent for non-distressed homes.

Distressed homes include foreclosure sales and short sales. As far as statewide statistics go, Arizona came in second for the amount of depreciation in both categories. Including distressed sales, Arizona recorded depreciation values of 11.9 percent. That compares with Nevada’s 12.2 percent depreciation.

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