In the midst of all the talk about the tanking housing market, the New York Times reported this weekend not about what your home is worth, but what it should be worth, according to assorted economists. They looked at regional pockets of the U.S. and tried to calculate how much homes are overvalued there, which helps them figure out where and when the market might bottom out completely. Here’s some surprising news: While Miami, Phoenix and Chicago have the most overvalued homes, New York homes, at least according to the Columbia Business School, are five percent undervalued. Huh?
Finding the Right Price for a Home [NY Times]
Miami or Dumbo? Photo by Victoria Belanger.