Phoenix home price collapse, as reported by the lazy 'rolodex of realtors' Catherine Reagor

We've called her out on this realtor quote issue so many times on HP. We've sent her countless notes on how to improve her reporting. We've also sent her leads on what's really happening out there, versus what the realtors are saying.

Here's the latest from the housing crash epicenter Phoenix Arizona from the REIC mouthpiece, Catherine Reagor, with their new talking points from the corrupt David Lereah on talking prices down.. Realtors gotta eat - and that means prices have to crash.

They do have one thing right - prices are falling and will fall much, much more. What the lazy Ms. Reagor failed to note is that Phoenix is in the beginnings of the biggest real estate crash this nation has ever seen.

Huge supply of houses keeps prices down
Catherine Reagor and Ryan Konig - The Arizona Republic

Home prices are a touchy subject in the Valley. People aren't bragging about how much their home appreciated in a single month. There are no bidding wars for homes. No one is talking about how they're going to spend their equity.

No, homeowners today are watching every sale in their neighborhood, cringing if they see "For Sale" signs lingering too long and losing their tempers when neighbors drop prices

"The housing market hasn't cooled as much in central Valley neighborhoods," said P.J. Dean, a real estate agent with Dean-Maldonado. "But if you are trying to sell a home in Surprise now, good luck, because that's where speculators snatched up homes, and builders are offering the best deals."

"Most people who bought on the fringes last year are likely going to have to hold on for at least three years or sell for a loss," said real estate agent Margie O'Campo de Castillo of Phoenix-based Arizona Dream Realty.

"The Valley's housing market is going through a definite and obvious correction," said O'Campo de Castillo. "Homes are selling, but they have to be priced right. No one is paying last year's inflated prices."

"When the supply/demand scenario is corrected, home prices will start climbing again," said John Foltz, president of Phoenix-based Realty Executives.

"More sellers are starting to see last year's market is not today's market and are offering buyers concessions," said Jay Luber, vice president of First Horizon Home Loans of Phoenix. "There are sellers now who are now giving buyers time to sell their other house."