I took a quick spin on zillow.com (you know you love it) today to check out the freefall in home prices in my old 'hood, Phoenix Arizona.
It wasn't pretty.
I also looked at real estate foreclosures and noticed a bunch of units in my old development heading to auction. Gee, what a shocker. When "ownership" prices skyrocketed to three times the cost of renting, and flippers were buying at any price, you just knew how this one would end.
And end it has. And now, it's a long, long, long way back down.
And the clueless homedebtors and cheerleader realtors in Phoenix still have no idea what hit 'em.