That's the conclusion of economists who have been reducing their estimates for home prices as the outlook for the economic recovery has darkened. The number of homes for sale or headed for foreclosure is so high that they think prices will be even lower by next July.

Earlier this year, analysts said they thought home prices had finally reached their low point and were ready to start rising slowly in most areas of the country. Now, they think the bottom could be nearly a year away.

Price drops of more than 10 percent are expected in the Phoenix, Miami and Las Vegas areas over the next year, according to Moody's Analytics. Those areas have already been scorched by 50 percent declines in home values.

Home prices in the Valley have dipped 4 percent in the past month. Until the recent decline, the region's home prices had been inching up since spring 2009.

Based on pending sales prices, Phoenix housing analyst Mike Orr has forecast that home prices will continue to fall in August.

Many analysts expect home prices to rise for a few months because a tax credit offered to home-buyers through April increased demand. But the gains probably won't last. By this time next year, Moody's expects prices in most of the cities to have fallen.

More foreclosures are expected as Americans fall behind on mortgage payments. Foreclosures add to the supply of homes for sale, bringing down prices. On top of that, so-called short sales, which happen when lenders let homeowners sell their houses for less than what they owe on their mortgages, are rising. They can drive down the value of neighboring homes, too.

Short sales account for about 28 percent of all Phoenix home sales now, compared with 21 percent in June. In Sacramento, short sales made up about 26 percent of homes sold in June, up from about 17 percent a year earlier.

Contributing to the problem is an economy grappling with high unemployment, relatively flat pay and tightened credit, all working to limit the number of people buying homes.

Looking for a home with specific qualities?
We will work with you to find out what you are looking for in a home, then we’ll show you the homes we wanted to show you before we pretended to care about your needs.

Worried about getting pre-approved by a mortgage company?
Why bother? That takes all the fun out of home shopping. We’ll figure all that math stuff out after you fall in love with a home you can’t afford.

We hold open houses every week for our clients.
We’ve never actually sold a listing by holding open houses, but we have attracted lots of new customers to our agency by using our client’s homes for our own personal gain. Plus it’s fun to rummage through our client’s personal belongings and if we’re lucky there might even be something good in the refrigerator. We’ll hold as many open houses as you like. It’s the least we can do.

Want your house advertised by a professional?
We believe in the 3-P’s of real estate marketing: Put, Put and Pray. Put a sign in the yard, Put it on MLS and then Pray someone will come along and buy it. We usually find that after enough time passes, and after several price drops the house usually sells itself without too much intervention from us. That’s an easy commission earned. We like easy.

• 50% of buyers will use mobile applications in the next 24-36 months.
• It's no longer about the device. It's about the application.
  

• Inform V.I.P. Mortgage Inc. of any changes to your information (employment, credit, address, marriage, divorce)
• Save money

• Continue to make your mortgage or rent payments

• Stay current on all existing credit accounts

• Save all pay-stubs, bank statements, W2’s etc.

• Pay ALL bills on time

• Keep current employment

• Read all correspondence from V.I.P. Mortgage

• Make sure all earnest money is from an acceptable source (checking, saving, 401k, etc.)
  

• Quit your job

• Buy any major purchase that might affect your credit (i.e. furniture, cars, appliances, etc.)
  

• Apply for new credit, "same as cash deals," etc., elective procedures

• Pay on ANY bills late or payoff current or delinquent debt unless we inform you to
  

• Transfer balances between accounts

• Start major home improvement projects

• Make large deposits into a checking/savings account

• Take out a new loan

• Pay off any collections or loans without speaking with us first

• Deed-in-Lieu of Foreclosure: reduce from 4 years to 2 years with 20% down payment, or 4 years with 10% down payment.
• Pre-foreclosure Sale: current waiting period is 2 years. New policy is 2 with 20% down payment.
• Short Sale: same as pre-foreclosure sale.