e-mail received from: Real Trends, Inc. on 12/8/09
Cities with the most overpriced properties:
 
Comparing median listing price to median sales price, Forbes magazine ranked markets it considered the most overpriced. It also factored in how long the properties stay on the market. In addition, the magazine considered expert forecasts of price increases in the areas, which could be what were encouraging homeowners to price high.
 
The top 10 areas where Forbes found the most over-priced properties were:

1. Orlando
2. Miami-Fort Lauderdale-Pompano Beach
3. Jacksonville, Fla.
4. Baltimore-Towson
5. Chicago-Naperville-Joliet
6. San Antonio, Texas
7. Denver-Aurora
8. Tampa-St. Petersburg-Clearwater
9. Indianapolis-Carmel
10. Austin-Round Rock
 
Source: Forbes, Francesca Levy (12/03/2009)
 
The Associated Press' Economic Stress Index remains at 10.1 nationwide in October, compared to 6.9 in October 2008.  The index is calculated as a score from 1 to 100 based on foreclosure, bankruptcy, and unemployment. An area is considered stressed when the score exceeds 11. About 37 percent of the nation's 3,141 counties had scores higher than 11 in October.
 
The five states with the highest overall score in October all experienced severe housing downturns:

   1. Nevada, 21.95 index score
   2. Michigan, 17.36
   3. California, 16.48
   4. Florida, 15.4
   5. Arizona, 14.37
 
The least-stressed states were those that have mostly escaped housing issues:

   1. North Dakota, 3.89
   2. South Dakota, 5.14
   3. Nebraska, 5.51
   4. Vermont, 6.43
   5. Montana, 6.64
 
Source: Associated Press, Mike Schneider and Martin Crutsinger: 12/07/2009

Posted by Carol Best | Coldwell Banker Real Estate | Barrington, IL
Carol@CarolBest.net or http://www.CarolBest.net

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