This two-bedroom luxury condo in downtown Phoenix has been on the market for two years. The current price is nearly 40% less than what other units sold for in 2006 -- and the developer will probably take less.
Between June 2006 and February 2009, the average house in Phoenix lost a staggering 53% of its value. At no time since the Great Depression -- and possibly not even then -- have house prices in a major metropolitan area fallen by more than half.
NEXT: Ready to Bargain