by Calculated Risk on 7/22/2008 06:55:00 PM

On Sunday I posted about some high end areas finally seeing sharp price declines: Housing: Cracks in the High End (check out the cartoon!)

Here are some more cracks ...

From AZCentral.com: Phoenix's mortgage problem spreading

Metropolitan Phoenix's foreclosure problem has spread. Many Valley neighborhoods closer in, particularly in south, west and central Phoenix, now have the highest foreclosure rates ...

Foreclosures across metro Phoenix number 16,647 for the first half of the year compared with 9,966 during all of 2007 and 1,070 in 2006.
...
"Foreclosures are a problem for almost every neighborhood of the Valley now," said Margie O'Campo de Castillo of Arizona Dream Realty.