How Phoenix home values fare today vs. pre-boom prices

It’s no secret Phoenix home values have tanked since their peak in 2006, but how do they hold up compared with 2003, when the run-up began? FNC, a software company for the mortgage industry, answers that question in a new report. Local home values skyrocketed 78.5 percent between January 2003 and the peak in July 2006. The ride back down from 2003 to February of this year chopped prices by 54.9 percent, and as of July they are still off 20.2 percent from 2003. Phoenix, however, isn’t alone in negative territory. Three markets — Cape Coral-Fort Myers, Fla., Stockton, Calif., and Detroit — remain off more than 30 percent from 2003. On the other hand, Washington, D.C., and Los Angeles are more than 30 percent on home values compared with 2003. Nationally, values are still down 20.6 percent from the 2006 peak, but up 5 percent from the beginning of the run-up in 2003.

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