Here is yet another in a long line of reports suggesting a lot of housing markets in the nation are WAY overvalued (and some even undervalued by a good amount).
The Top-10 Overvalued Markets:
1. Santa Barbara-Santa Maria CA - 86%)
2. Naples FL (72%)
3. Modesto CA (71%)
4. San Diego CA (70%)
5. Stockton CA (64%)
6. Riverside-San Bernardino CA (64%)
7. San Jose CA (61%)
8. Sacramento CA (59%)
9. Vallejo-Fairfield CA (58%)
10. Los Angeles-Anaheim CA (57%)
The Top-10 Undervalued Markets:
1. El Paso TX (-26%)
2. McAllen-Edinburg TX (-21%)
3. Fayetteville NC (-18%)
4. Memphis TN (-18%)
5. Augusta GA (-17%)
6. Little Rock AR (-17%)
7. Pittsburgh PA (-14%)
8. Indianapolis IN (-14%)
9. Dallas TX (-14%)
10. Houston TX (-13%)
It's no real surprise that 9 out-of-the 10 overvalued markets are in California. What is also not surprising for those who've been following the trend is that Texas has 4 out-of-the 10 top undervalued markets, including the top two. Last I heard, the Austin-San Marcos-Round Rock area was about 5-6% undervalued, so we are probably in the top-20 or top-25 undervalued markets. If that wasn't enough to get the swarms of California real estate investors in this state. :-/
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A coworker of mine at my last job in California actually bought a house (along with many of her coworkers too) in Austin as investment properties. It's incredibly cheap there; you can get a 4 bedroom house for 150. She said she has even cashflow (accounting for all costs, depreciation, tax, hoa etc) ! Not a bad deal
Hi, Steve! I just wanted to drop by and wish you well with your growing family! I hope your wife is doing well, too!
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