[Rick Lee]

Jeff, your statement is certainly true for some areas, but not all. While sales prices in my area have dropped, it certainly hasn't been as bad here as in many other parts of the country. And the fact that I'm getting calls every day about my place for $1700 and only one guy even asked if that price was negotiable, means it's a little more stable here.

If I were dying to buy a place in Phoenix, I think I'd still wait a year. My guess is FHA is gonna come up with some kind of program to take over distressed houses before they turn into blight and require a rehab loan. I think this would cure the market there quickly, though it would be rife with opportunity for flippers and fraudsters.