Valuation dip in phoenix hints at volatile arizona market

Overseas property owners in the U.S. city of Phoenix have been hit with yet another dip in their property valuations for the fifth year running. Snowbirds heading to the sunny south are still faced with a volatile housing market in the Arizona region.

According to the latest figures out this week from the Maricopa County Assessor’s Office, home values are continuing to drop, albeit at a slower rate than previous years.

The report shows that residential property values fell by an average of 7.6 percent in 2011, compared with 11 percent in 2010. In 2009, Phoenix residential-property values fell 15 percent, however in 2008, they had plummeted by a massive 23 percent.

The overall median value of homes in the county fell to $109,100 from $118,100 in 2010.

Source: OPP.org.uk