Arizona

Jon Sullivan

Arizona

Metro: Phoenix-Mesa-Scottsdale
What a Home Will Be Worth in 2012: $141,859
Q4 2008 price: $169,000
Projected price change by MSA: -16.1%
Projected price change by state: -17.2%

Phoenix-Mesa-Scottsdale is one of the worst-hit housing markets in the country. Retirees, empty-nesters, and others flocked to the area during the boom for its warm weather, relative affordability, and recreational opportunities. And so did builders. Many of the new homes built during the boom have since been repossessed.