In the June 14, 2006 Wall Street Journal, there is an interesting article about the most "overvalued" and "undervalued" real estate markets in America. As you might expect, Naples, Florida leads the overvalued list at a staggering estimated overvaluation of 103%. Nine of the top 10 are in either Florida or California (the only other state represented in the top 10 was Oregon). The study was performed by National City Corp., a Cleveland banking concern, and Global Insight, Inc., a Boston Consulting firm. You can read the full text of this exhaustive, comprehensive report at http://www.globalinsight.com/gcpath/1Q2006report.pdf.
Oh, and before I forget, the Detroit market is considered to be overvalued by 27.8%. Since the first quarter of 2002, it has fluctuated between being overvalued by 21.4% and 28.7%. As of this most recent measurement date, it ranks 86th out of the 317 market areas in terms of being overvalued.
Oh, and before I forget, the Detroit market is considered to be overvalued by 27.8%. Since the first quarter of 2002, it has fluctuated between being overvalued by 21.4% and 28.7%. As of this most recent measurement date, it ranks 86th out of the 317 market areas in terms of being overvalued.
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