Report: Arizona home prices to peak in 2038

Arizona homeowners may be seeing house values increase, but full recovery may not be reached until 2038.

Home prices have dropped 49.9 percent from 2007 to 2011. According to CNN, it will take 26 years to break even.

Arizona home values are projected to make annual gains of 2.7 percent during the next five years.

The national average high of $238,000 would not be reached again until 2023. The U.S. house prices average yearly gains of 3.7 percent for the next five years.

California, Nevada and Florida are also facing a long recovery period.

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