Phoenix home prices on the decline again

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PHOENIX - Home prices continue to fall in the Phoenix metro area.

The current median price of a single-family home in the Valley is now $126,000, which is down 10 percent from the first quarter of 2010.

The median home price in the U.S. is about $168,000, according to the National Association of Realtors.

Statewide Arizona was No. 2 in home price declines, according to a report by CoreLogic. Only Idaho posted a larger decline.

Yet another study by real estate Zillow.com found more homeowners with underwater mortgages in Phoenix than any other city in the United States.

The news is not all bleak. Valley realtors say the seller’s market is heating up.

"We've had more sales in March of this year versus March of last year," Valley realtor Matthew Coates said. "People are perceiving we may have hit a market bottom, which is a second bottom by the way, and the interest rates are really attractive."