With its resort-style backyard and a rooftop patio with 360-degree views of the surrounding mountains, this golf-course home in the Rio Verde community sold for just over $1 million in 2006.
The median sale price in April for a single-family dwelling in Maricopa County -- which includes Phoenix, Mesa, and Scottsdale, and is Arizona's largest metropolitan region -- was $125,000, down from $230,000 a year ago. That's a 46% drop in 12 months.
Even as home sales rise, cheap, bank-owned properties are flooding the market: 1,042 appeared in April alone, plus 8,396 new pre-foreclosures, where the borrower has stopped paying and the eviction process is underway.
NEXT: Mountain Living