The Valley’s median resale price for detached single-family homes fell by more than 7 percent from October to November, bringing the year-over-year median-price decline to about 35 percent, according to Arizona State University. November’s 3,370 resale transactions represent a 31 percent increase from the 2,580 transactions in November 2007. In addition, there were 3,095 foreclosures, up about 178 percent from 1,115 foreclosures a year earlier.

This is not as good of news as the bottom fishers may think! This statistic is totally flawed because mainly distressed properties are in the sample. So, take those who are NOT ABOUT TO SELL, put their values in the pool and the percentage shoots way back up. Those who are waiting out the market may be in for a surprise when the capital markets free up.