Home values continue to collapse in Arizona, to the point where four of the state's metro areas now rank in the top 20 nationwide for losses.
New figures Wednesday from the Federal Housing Finance Agency show the price of the average home sold in the state in the first quarter of this year slid another 2.8 percent from the prior quarter. That brings the year-over-year decline to 12.2 percent. The numbers are based on data from repeat sales of the same houses.
Only Idaho fared worse on an annual basis.
It also means that someone who paid $200,000 for a home five years ago would get, on average, just $107,540 for the same property now. And homes are selling for what they were in 2002.
In a separate set of numbers for individual communities monitored by the FHFA, the agency computes out not just the prices that homes are selling for but also how much those which are not being sold are worth. That latter figure comes from data of what homes appraise for when people refinance their mortgages.
It is this list where Arizona communities score at the top - or, as the case may be, bottom - of the list.
The Phoenix metro area, which includes Maricopa and Pinal counties, ranked No. 5 with an 11.6 percent drop in the home price index in the last year. That includes a drop of nearly 4.9 percent in the last quarter alone.
Yuma County was right behind in sixth place with an annualized decrease in value of almost 10.9 percent, including a 4.2 percent quarterly decline.
Homes in Yavapai County slid another 9.8 percent in value.
And Pima County, which came in at the 20th largest annual decline, posted an 8.7 percent year-over-year drop with a 4.8 percent decline in values in just the last quarter.
Other Arizona counties measured include Coconino where values slid 7.7 percent from the same time last year, with a 7.5 percent drop in Mohave County.
While Arizona continues to be near the forefront of areas suffering from declines in real estate values, the state is far from unique.
"Housing prices in the first quarter declined in most parts of the country," Edward De Marco, the federal agency's acting director, said in a prepared statement.
"In many local real estate markets, particularly those hard hit by this cycle, foreclosures and other distressed properties are still a key factor in recorded and anticipated future sales," a factor that may be delaying price stability or recovery. "Fortunately," he said, "serious delinquency rates also are declining."
On a national level, using only sales as the gauge, the price of homes dropped 2.5 percent in the last quarter and 5.5 percent nationwide.
Three states managed to beat the declining trend on an annual basis, led by Alaska where prices were up 2.3 percent. That is followed by West Virginia at 2.2 percent and North Dakota with a 1.1 percent increase.