The top ten overpriced home markets
Each quarter, Local Market Monitor, which provides research to the real estate industry, assesses 100 markets, comparing selling prices to "equilibrium" values. Company president Ingo Winzer bases those values on local economic and population growth, construction costs, vacancy rates, household income in the area and interest rates. See the complete results here on CNNMoney.com.
The top ten overpriced home markets in the US are:
Santa Barbara-Santa Maria CA 86% Overpriced
Naples FL 72% Overpriced
Modesto CA 71% Overpriced
San Diego CA 70% Overpriced
Riverside-San Bernardino CA 64% Overpriced
Stockton CA 64% Overpriced
San Jose CA 61% Overpriced
Sacramento CA 59% Overpriced
Vallejo-Fairfield CA 58% Overpriced
Los Angeles-Anaheim CA 57% Overpriced