Scottsdale Home Resales Down 21%

The Scottsdale home resale market is taking a big hit, plunging 21% in May 2007 compared to May 2006. A variety of factors have resulted in a cascading impact on the real estate market across the country. But the frothy real estate market in Arizona and Scottsdale specifically, is ripe for this type of downturn. There is no question that it is a short-term correction. Scottsdale's desirability is constantly ascending. But the steep losses will no doubt leave some families in a very tough economic position.