HUFFINGTON POST
03/20/2009 05:12 am ET Updated May 25, 2011

Phoenix-Area Real Estate Picture Grim

QUEEN CREEK, Ariz. -- Drive into the sprawling development of stucco starter homes in this Phoenix suburb by the San Tan Mountains and the first thing you notice are the "For Sale" signs.

The next thing is what many of them say: "Bank-Owned Home."

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