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Report: Value of Phoenix-area houses still way down from 10 years ago

(City of Phoenix Photo)

PHOENIX — The market crash in 2008 affected every state across the country, and hit the Phoenix area hard when it came to the price and value of a house.

According to the Phoenix Business Journal, the value of houses in the Phoenix area is on the rise, but still not even close to where it used to be.

There were 124 housing markets analyzed by the Federal Housing Finance Agency, and the Phoenix area is one of 58 to still be down in the value of houses in 2016 from 2006.

That span of 10 years has Phoenix down 17.2 percent, and the city ranks 108th out of the 124 markets examined.

However, there is good news for the Valley. One real estate website is forecasting the Phoenix area is going to be the top housing market in the country next year.

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