Phoenix has achieved the unwelcome distinction of becoming the first major American city where home prices have fallen in half since the market peaked in the middle of the decade, according to data released Tuesday.Though historical statistics are scant, experts said the precipitous decline probably had few if any equals in modern times.“Even during the Depression, I’m not sure prices fell this quickly,” said Karl Guntermann, a professor of real estate at Arizona State University.
By David Streitfeld and Jack Healy, April 29, 2009 NYT

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