Bad news on Phoenix area home valuations, but next year may be better

Few Maricopa County homeowners will be surprised when they open their latest property valuations to learn that their homes are officially worth less than they were a year ago. It's the fifth straight year for annual drops in the region's home prices. But based on home-price increases during the past few months, this could be the last of the declining numbers for some metro Phoenix homeowners. Residential-property values fell an average of 7.6 percent in 2011, compared with 11 percent in 2010, according to the latest report from the Maricopa County Assessor's Office. Though 2011 is the fifth year of value declines, it also shows that the rate of annual decline in values continues to slow. In 2009, metro Phoenix residential-property values fell 15 percent. In 2008, they plummeted 23 percent, the biggest drop of the prolonged retreat in home prices. In 2007, values declined 13 percent. County Assessor Keith Russell said that the valuations homeowners receive in the mail next week could be better than some people expected and that next year's assessment could be even better.

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