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2010: U.S. cities with overvalued housing markets and house prices January 3, 2010

Filed under: House — modrox @ 4:02 pm

Buying a house is a large property in real time and be done with great caution. To not know where to buy a house as important as the do’s and do not purchase a house.

Among the many lists the top ten on CNNMoney.com, is in the top ten included overvalued cities in America, where it is best not to be home for the next two years to buy. In the report a number of reasons why the adverse market conditions.

Five California cities – Bakersfield, Fresno, Merced, Sacramento and Stockton, is among the top ten cities with the possibility, at least at home have value. House prices have a new record (nearly 60%) in these areas over the last two years reached. With the economy based on agriculture and the relatively high unemployment rate is expected for this area, the housing market should reach equilibrium in the region.

Although all three Florida cities, as a good buy real estate, the report also cites four others in southwestern Florida covered by the recommended bottom of the list. With real estate prices are likely to collapse quickly cities such as Fort Myers, Naples, Sarasota and Punta Gorda are the ones you do best to avoid for a year or so, when buying a house or condo.

Market prices to decline in the coasts of New Jersey (NJ) area, a boom radically over the last two quarters saw. Although the prices of property recovered in the third quarter of the slight decline in the second quarter, the bubble burst, expected to fast and expensive market expected to stabilize. The resort towns of New Jersey, Atlantic City and Ocean City is expected to be among the list of disapproval.

In Phoenix, Arizona, a hot favorite among investors in the past year, prices of goods drag an inevitable event during the next 12 months. With the fall in property prices over $ 100,000 in a series of new developments and investors try to sell their house, it is more prudent to wait a year or more before they invest.

Analysts at Moody’s Economy.com also said a sharp fall in Riverside and San Bernardino County, California, Inland Empire.
The bottom ten cities, which has probably seen big drops in median home prices in the coming years, Stockton, (the list with an expected drop of 9.7%), Merced, Reno / Sparks, are Fresno, Vallejo / Fairfield in Las Vegas, Bakersfield, Sacramento, Washington, DC and Tucson.

Given this new situation, real estate, it must be very careful when investing in real estate. It makes sense to offer advice from a broker to advise you on your purchase of a house nearby, as is often the agents have access to updated information on the goods market and price trends have district.

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