Then again, there is the oft given advice . . . buy low, etc. Depending on the property, I believe that the PHX market has either hit or come close to bottom and is rising.

From Forbes, September 19. 2012

Phoenix, one of the hardest-hit cities during the bust, has roared back this year. Though many sales are still in the distressed category, median prices are through the roof – up 25 percent in the past 12 months. Inventory is down nearly 30 percent, and houses that are listed sell in a median 48 days.