The 10 Most Under-Valued Housing Markets
An article that recently appeared in REALTOR magazine noted that 242 of the 299 largest US Housing markets are selling for prices that bankers and lenders feel are less than fair market value. This conclusion is based on a comparison of median home prices, local interest rates, population densities, and income, plus historic premiums or discounts.
The 10 most under valued areas according to the study are:
1. Las Vegas – 41.4%
2. Vero Beach, FL – 39.8%
3. Merced, CA – 37.7%
4. Cape Coral, FL – 36.8%
5. Hourna, LA – 34.6%
6. Port St. Lucie, FL -33.3%
7. Warren, MI – 32.3%
8. Vallejo, CA – 31.9%
9. Modesto, CA – 31.8%
10. Stockton, CA – 31.8%
It seems like the housing market still has a long way to go. Given the numbers from the recent study, there is still “stress” in markets across the country as opposed to being concentrated in a select few unlucky markets. While we are not economists in any way, we would love to see the jobs numbers improve which in our view is the first step towards stabilizing the housing market. Lets see how the year progresses.
