Year-over-year home price decline slows

Home prices in the Phoenix metro area are declining at more modest rates than they did in 2009. If the trend continues, prices might stop falling and level off. That’s the assessment of the Arizona State University-Repeat Sales Index, which compares changes in average home prices from year to year. The report issued Wednesday joins a host of other real estate data released this week painting a little brighter picture for the region, which has been hard hit by the housing crash.

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