Fortune Magazine on CNNmoney.com recently published a story about the Top 6 Real Estate Bargains as a result of the housing downturn.

Phoenix and the cities that make up Maricopa County was recognized by Forbes as a Best Real market that with prices in many of the planned communities around Phoenix dropping at least 20% and some home buying opportunites more than 30% from the 2005 peak.  

Jay Butler, director of realty studies at Arizona State University is quoted. Mr. Butler says, "look to the planned communities that surround Phoenix, which are magnets for retirees and are dropping more to the tune of 20% to 30%. A $1 million home at the market's apex might go for the mid-700,000's now".

What is important to recognize from the report is that these sharp housing correction may be offering home buyers the opportunity you had hoped for , but never expected.

It may be the time to buy a home in Phoenix \ Scottsdale.