by Catherine Reagor - Sept. 20, 2008 12:00 AM
The Arizona Republic
The latest research from Loan Performance shows the Valley's home prices fell 23 percent between July 2007 and July 2008.
That puts metro Phoenix at No. 8 nationally for the biggest drop in home values. Los Angeles led the nation in this real-estate survey with a 28 percent plummet in home prices.
A few other California cities, Las Vegas and a few Florida cities ranked higher than Phoenix for the biggest declines.
Loan Performance thinks the rate of housing price depreciation is flattening, meaning the biggest declines are behind for most of the housing market.
But most housing analysts agree foreclosures have to also flatten out for home prices to stabilize.
And foreclosures haven't peaked in metro Phoenix or most of the rest of the cities leading the nation for home-price declines.
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