The high-priced area of Scottsdale, Arizona, found itself suffering a heady blow from the effects after the bursting of the U.S. housing market bubble. Residents have seen the values of their homes fall amid the tumbling of the economy, and many have found themselves in foreclosure after being unable to make high or reset mortgage payments, leaving a larger inventory on the Scottsdale real estate market.

According to local realtor Matt Pellerin, prices are still suffering. In February, the average asking price in North Scottsdale was $690,500, a 7.8% decline from January and a 7.5% decline year-over-year. In South Scottsdale, price declines were even steeper. The asking price in February was $234,000, a decline from the prior month of almost 11% and a year-over-year change of 14%. Sale prices were down too: In South Scottsdale, the average sale price was almost $245,000, a nearly 2% decrease from January and a 3.7% drop from 2009. In North Scottsdale, the the sale price declines were steeper: The average price was around $632,000, down 6.45% from January and down more than 8% from a year prior.

Days on the market was one area where improvement was seen. In South Scottsdale, Scottsdale homes for sale spent an average of 94 days on the market before selling, basically steady with January’s figure of 92 days, and down markedly from last year’s figure of 136 days. In North Scottsdale, those figure were 175 days for February of this year, down from 185 the month prior and 192 a year earlier. There were 269 sales in North Scottsdale in February, up 50% from the previous year. South Scottsdale saw an even higher increase in activity, with 53 sales, up 96% from 2009.

The condo market showed less wild swings. In South Scottsdale, there were 74 sales, up almost 90% from 2009. The average sales price, of around $162,000, was up 3% from the previous year, while the average asking price of more than $171,000 was up 3%. North Scottsdale’s condos showed a similar surge in sales, up 140% to 96, but a further fall in prices. The average price was down almost 26% in February, to around $180,000.