The short answer is buy! The Phoenix rent vs own ratio is 120% meaning rent is about 120% of owning (rent as a percentage of after-tax mortgage payment). Anything over 100 means it is cheaper to own than to rent. Selection is great, prices are down, finance is cheap. Take the few tax advantages we have left and buy. Want to see some AZ homes?
RE/MAX Results - Apple Valley
You can get a lot for your money in Arizona right now. I know a place in Scottsdale where you can get a 1 bedroom condo for $35,000 right now. It's a nice place too.
I have contacts down there if you want to talk to someone about it. Just let me know.