PRICE CORRECTIONS LEAVE SOME HARD-HIT MARKETS 'UNDERVALUED'

According to Local Market Monitor’s analysis, the 10 most undervalued housing markets in the United States and the percentage by which they are undervalued are:


Merced, California: 32%

Las Vegas-Paradise, Nevada: 27%

Killeen-Temple-Fort Hood, Texas: 25%

Akron, Ohio: 22%

Cleveland-Elyria-Mentor, Ohio: 21%

Warren-Troy-Farmington Hills, Michigan: 21%

Mansfield, Ohio: 20%

McAllen-Edinburg-Mission, Texas: 20%

Reno-Sparks, Nevada: 20%

Stockton, California: 19%

Local Market Monitor’s report looks at 316 U.S. markets. Of those, a total of 40 are considered to be underpriced. At the other end of the spectrum, 18 are described as being overpriced when actual home prices are compared to Local Market Monitor’s equilibrium target. The remaining 258 markets fall into the gray area of 15 percent over/above the equilibrium price, which the company deems to be a “normal” market variation.

The 10 most overvalued housing markets in Local Market Monitor’s report and the percentage by which they are overvalued are:

Atlantic City-Hammonton, New Jersey: 45%

Barnstable Town, Massachusetts: 30%

Nassau-Suffolk, New York: 26%

Asheville, North Carolina: 26%

Portland-Beaverton, Oregon-Washington: 24%

Los Angeles-Long Beach-Glendale, California: 24%

Santa Ana-Anaheim-Irvine, California: 23%

Edison-New Brunswick, New Jersey: 20%

San Jose-Sunnyvale-Santa Clara, California: 19%

Boulder, Colorado: 19%