85382 Peoria real estate notebook

The charts above confirm my fear of purchasing a home at this time. Reminds me of the tech stocks that I owned in 2000, not wanting to take the hit, I still have a few, but are now trading at 50% of the high 8 years ago. Very similar to what is happening in the Phoenix real estate market. Last week, I looked at a home in Peoria (job relocation) that has been on the market for 18 months (seller has been transfered to Milwaukee and now has 2 mortgages). Asking price has been reduced from $615 to $495. This is a 4,000 sq ft home; a very dated and cheaply constructed tract home (like most sub-divisions in Phx), built in 2001. Builder grade orginal white carpet (needed replaced 4 year ago), chessy bright brass faucets, bright brass ceiling fans, brass shower surround and even brass doorknobs; the bathrooms are carpeted! Come on, buyers are not stupid! I was shocked to learn that this home was purchased new for $259. Get real - - the problem in Phoenix is that sellers still think that 2005 will return. The market will correct at a level equal to 2001 pricing plus inflation (like most of the mid portion of our county that has experienced). I was so turned off when my realtor told me that the market is at the bottom and that all of the negative press is reporting incorrect information - - I just rented a 3,500 sq ft home in a gated community for $1,500 (no gold faucets, white carpet, or carpet in the bathrooms). Even has a pool!