Undervalued Housing Markets
May 23, 2016 08:17 AM
That means 242 of the 299 largest U.S. housing markets 2012 are selling for prices that even bankers think are less than fair market value. The judgment is based on a comparison of median home prices, local interest rates, population densities and income, plus historic premiums or discounts.
Here are the 10 most undervalued areas, according to the study:
Las Vegas, -41.4 percent
Vero Beach, Fla., -39.8 percent
Merced, Calif., -37.7 percent
Cape Coral, Fla., -36.8 percent
Houma, La., -34.6 percent
Port St. Lucie, Fla., -33.3 percent
Warren, Mich., -32.3 percent
Vallejo, Calif., -31.9 percent
Modesto, Calif. -31.8 percent
Stockton, Calif., -31.8 percent
Source: CNNMoney, Les Christie (01/27/2010)
Learn more about Las Vegas luxury market updates here.