"Home prices in many parts of metropolitan Phoenix have fallen so low, they have returned to levels from before the housing boom.
New data compiled for The Arizona Republic show median housing prices in most Valley ZIP codes have dropped to where they were in early 2005 or late 2004, signaling the housing market already has lost most of the gains from the boom when home prices shot up 50 percent.
For example, in the Glendale ZIP code 85305, the median price of a home fell from $385,000 at the peak in 2006 to $227,000 today, which is about what it was in 2004."
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Falling home prices erase what many Valley owners gained
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