AZ: Phoenix Home Prices Projected to Fall 9% By 2012

Phoenix home prices are projected to fall 8.7 percent by the first quarter of 2012, according to the latest Fiserv Case-Shiller Home Price Index.

The projections find Phoenix home prices will lose 8.7 percent of their value between early 2011 and early 2012. Another drop of 6.9 percent is expected between early 2012 and early 2013.

The Fiserv Case-Shiller Home Price Index says Phoenix home prices have declined 55 percent since peaking in the spring of 2006. The median home price in Phoenix was $126,000 during the first quarter 2011.

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