Home values in Arizona are dropping at a faster rate. The home value of an Arizona house has dropped 4.4 percent in just 3 months. The home values are decreasing every quarter. The home values in Arizona are now 9.2 percent lower than the same period a year earlier. The home value of a house is now $181,700, compared to last year when it was $200,000. The home values of California, Nevada and Florida have also decreased. In these areas the houses were being sold very quickly because of which there is a credit crunch.

During the boom period, investors were buying the houses very fast when they were just built due to which the prices were increasing but the home values of those houses have decreased. The average home value in Arizona is still worth 66 percent more than five years earlier and 418 percent more than in 1980. Homes in Kingman and Lake Havasu have lost nearly 6.6 percent of their value in just three months and are now down by nearly 13.1 percent. Home values in phoenix metropolitan area have come down almost 5.2 percent between first and second quarter of the year, compared with less than 3.3 percent between the last quarter of 2007 and the first quarter of this year.