Hard Evidence Of Phoenix RE Slowdown

This morning, I was following up on some properties I had previously submitted offers on. One of them has completed the sale process and the MLS listing shows it sold for less than the asking price. It was listed for $155,000 and sold for 148,000. This is the first time in memory that I have seen a property here sell for under the list price and this provides some hard evidence of the slowdown everyone is talking about.