2 of 6
Luxe for Less
Location: Rio Verde
Price: $795,000

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

Last updated June 12 2009: 10:01 AM ET
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