So many of the cities that keep coming up on this blog as the "holy cow, can you believe how stupid the people are in _____ to buy that POS for $500,000!" cities
As my econ professors at Michigan always said, everything (as in EVERY thing - not SOME things, not MANY things, but EVERY thing) will regress toward the mean. Here we come...
Listing below is from the top - cities above their historical mean housing price
Fort Lauderdale-Pompano Beach-Deerfield Beach, FL (M
40.5552
West Palm Beach-Boca Raton-Boynton Beach, FL (MSAD)
40.358
Port St. Lucie-Fort Pierce, FL
40.1301
Merced, CA
40.0599
Fresno, CA
39.737
Bakersfield, CA
39.5075
Palm Bay-Melbourne-Titusville, FL
39.1983
Modesto, CA
39.1745
Riverside-San Bernardino-Ontario, CA
39.0873
Salinas, CA
38.5419
Miami-Miami Beach-Kendall, FL (MSAD)
37.9335
Stockton, CA
37.8609
Santa Barbara-Santa Maria-Goleta, CA
37.5881
Sarasota-Bradenton-Venice, FL
37.4675
Santa Ana-Anaheim-Irvine, CA (MSAD)
37.1737
Sacramento-Arden-Arcade-Roseville, CA
36.9377
San Diego-Carlsbad-San Marcos, CA
36.8288
Los Angeles-Long Beach-Glendale, CA (MSAD)
36.6086
Cape Coral-Fort Myers, FL
36.5865
Vallejo-Fairfield, CA
36.4478
Naples-Marco Island, FL
36.1477
Vero Beach, FL
36.1446
Reno-Sparks, NV
35.9352
Oxnard-Thousand Oaks-Ventura, CA
35.9029
Chico, CA
35.6012
Visalia-Porterville, CA
35.4975
Madera, CA
35.4127
Redding, CA
35.301
Deltona-Daytona Beach-Ormond Beach, FL
35.2764
Napa, CA
35.2017
San Luis Obispo-Paso Robles, CA
34.8567
Phoenix-Mesa-Scottdale, AZ
34.7618
Las Vegas-Paradise, NV
34.588
Washington-Arlington-Alexandria, DC-VA-MD-WV (MSAD)
34.5298
6 comments:
Deltona, FL is 34% overvalued?
Some of the trailers there must have went to $134 up from $100.
Daytona Beach you have to deal with the tourists and bike week. Plus there are no professional jobs there unless you consider managing "Hog Heaven" a professional job.
Ecobuilder:
Why would asian investors dump US bonds?
Second question, is what happened to inflation and affordability? This "index" does not seem to account for those factors.
When I look at these "over-valued estimates, they seem WAY conservative to me.
They put Seattle at something like 28%- it doesn't even make your chart.
But how can it be that a house that sold for 180K in 96 and 1.2M in 2003 is only 28% over-valued?
I think the bottoms gonna come out of this market and RE is going back to a place we never dreamed of.
And some of that huge drop will be because the rest of the world won't need us that much longer to keep the planet spinning.
China's already started "diversifying" away from the dollar.
They won't need the American middle class
to keep buying the stuff they produce- which is a good thing for them cuz we're killing the middle class here! Or is it already dead?!
They've got their own middle class of over 100 million already! Our whole population's only 300 million.
The US is going down and so is it's RE- way farther than these estimates.
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