Well, that kinda sucks. But oh, so true.
More housing markets overvalued - 39% of U.S. housing at risk for falling prices, study says
A growing percentage of U.S. housing markets are "extremely overvalued" and are at risk of falling prices, according to a study based on government data released Monday by Global Insight and National City.
In the first quarter, 71 housing markets, representing 39% of all U.S. housing, were deemed to be "extremely overvalued" based on median sales prices, median income, population and historic values.
When prices do fall from overvalued levels, they typically fall by about half the overvaluation, DeKaser said. The correction usually takes three and a half years.
California and Florida accounted for 17 of the top 20 overvalued markets, economists at the two firms said.
Homes in Naples, Fla., were deemed to be 102% overvalued, the economists said. Other highly overvalued markets included Salinas, Calif.; Port St. Lucie, Fla.; Merced, Calif.; Bend, Ore.; Stockton, Calif.; Punta Gorda, Fla.; Santa Barbara, Calif.; Madera, Calif.; and Riverside, Calif.
Among other big cities, Miami was overvalued by 64%, Los Angeles by 61%, Oakland by 47%, San Jose by 44%, Nassau and Suffolk counties in New York by 44%, and Phoenix by 43%
June 13, 2006
FLASH: New National City report now shows 39% of American housing "extremely overvalued"
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14 comments:
stupid article. They say Naples is 102% overvalued when looked at relative to incomes etc...inn the area. Naples is a playground for really rich people from the Northeast who have and make tons of money. These are toys for many new money people, and the old money crowd owns these places at crazy low levels. That anaylsis is like saying a Ferrari is overvalued when looked at it's cost per mile, or what it would be worth if materials were scrapped.
Hey, if people and banks are willing to pay the price, it is worth it "at this time".
Later they may want to pay a different price when folks need liquidity or cash heads for the exits to catch the new investment.
There are going to be so many people forced out on the streets because they bought a house in the last year or two. Here is what we are going to see go sky high in about 5 years unless Congress bails out the flippers:
http://tinyurl.com/pec83
Don't forget someone is going to have to bail out quite a few counties and cities in this country, I'm somewhat familiar with Broward and Palm Beach Counties in s. Florida....they have been drowning in property tax money from these idiots buying real estate with tax assessments 50 percent higher than they should be and they have spent every dime. Another f!*&-ing ponzi scheme.
OMG you people are sick man.
send whitey back to Europe and give the Indians their country back.
its getting difficult to come to this site with the ann coulter add. just the look of her make you want to vomit.
I put her up there, and also al gore and tim russert, because like HP, I think it's good to read it all, not just one side
I doubt the Fox News set buys Al Gore's book, and I doubt the Al Gore crowd buys Ann Coulter's book.
They should.
If you live in Florida forget the $500,000 condos.
You can pick up an empty lot near the beach for about 30K and a FNMA trailer in New Orleans for $199.99.
Total housing cost $30,199.99
Please evacute during EVERY tropical storm or greater that is even close. If one hits you then your replacement cost is $199.99.
Miami girl...
Dont move to Houston. It is way too hot, humid, and places inside the loop are way more than the price you are talking about. If you want $250k, you will be 45min to 1.5 hours outside the city in massive traffic. Rent in Miami.
Crime. Housing. jobs. Economy. Related?? That was a good comment.
http://tinyurl.com/pec83
I think this may be right. Look at the link and read msg 3717 in the discussions. That poster has voiced it pretty clearly. Crime may be a result of poor people wanting to be like their idols, who were thugs before getting rich. As the economy unwinds this will probably increase. And there is a huge undertone of racial hatred which will be hard to overcome as things get tight and free handouts decline.
Guns and gold and dawgs and cash.
an Ad ARTICLE AT
Asbury Park Press
Sunday May 28, 2006
p.G3 !!!
"Kara Homes advises active adults to purchase homes now" !!!
Why buy homes when you knew that New Jersey home prices is way overpriced according to the latest report and Housing prices is now cooling if not CRASHING !!!!
I'm afraid to ask how much for the lil green house!
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