Phoenix leads nation in home price declines in February - Phoenix Business Journal:

Phoenix leads nation in home price declines in February
"Phoenix home prices fell 35 percent from February 2008 to February 2009, according to the new S&P/Case-Shiller 20-city home price index. That’s the largest decline of any of the 20 largest cities in the U.S. In addition, Phoenix home prices are down 51 percent from their peak."

I guess they didn't check out Muskegon.

Bummer homeowners.