My Yahoo!Finance column that posts on May 23 looks at getting the best deal on a home purchase now. Following are the top 20 overpriced markets (ranked from most overpriced on down) and the most underpriced (ranked from the best deal on down), according to Moody’s Economy.com.
The company determines an “equilibrium price” for the market based on its analysis of long-term supply and demand trends. The ranking “highly overpriced” indicates that the current market house price is more than two standard deviations above its historical relationship with the equilibrium price. A “highly underpriced” ranking indicates that the current market house price is more than two standard deviations below its historical relationship with the equilibrium price.
Top 20 Highly Overpriced Markets
1. Lynchburg, VA
2. Roanoke, VA
3. Asheville, NC
4. Brunswick, GA
5. York, PA
6. Lancaster, PA
7. Harrison, VA
8. Richmond, VA
9. Knoxville, TN
10. Grand Junction, CO
11. Lewiston, ID
12. Auburn, AL
13. Charlotte, NC
14. Charlottesville, VA
15. Bend, OR
16. Charleston, SC
17. Pascagoula, MS
18. Savannah, GA
19. Harrisburg, PA
20. Miami, FL (metropolitan area)
Top 20 Highly Underpriced Markets
1. Sandusky, OH
2. Toledo, OH
3. Lafayette, IN
4. Canton, OH
5. Muncie, IN
6. Dayton, OH
7. Akron, OH
8. Youngstown, OH
9. Memphis, TN
10. Terre Haute, IN
11. Columbus, OH
12. Cleveland, OH
13. South Bend, IN
14. Rochester, NY
15. Rocky Mount, NC
16. Kokomo, IN
17. Springfield, IL
18. Cincinnati, OH
19. Jackson, TN
20. Fort Wayne, IN
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on Wednesday, May 21st, 2008 at 8:14 am and is filed under Money & Happiness, real estate.
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