Agents see glimmer of hope in Phoenix housing picture

Things are tough all over. That house you spent big money to buy four to five years ago is now worth just half that. Phoenix has reached a new low in home prices, with the median for the city as a whole currently at $89,000 in figures from the Information Market reflecting January through August. The news may be good for someone who wants a smoking hot deal, makes enough money and has good credit to get a bank loan. For everyone else, the news is grim - even downright depressing. A flicker of hope is those who live in central, north and northeast Phoenix may not be as bad off as those in south and west Phoenix, and maybe some other parts of the Valley. Prices in north Phoenix generally remain well above the citywide median, but it's a different story south of the mountain preserve, with most areas falling below the median. It's not just that median prices are down, according to an Arizona Republic analysis of data from theinformationmarket.com. The problem is that the prices are down so much. The data cover the first eight months of 2011 and compare to all of 2010 and previous years.

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