53 cities across U.S. have overvalued properties


August 18, 2005 A recent study by Richard DeKaser of the National City Corp., regarding U.S. housing prices, has suggested that in 53 cities across U.S.A. homes are extremely overvalued. At the top of the list was Santa Barbara Calif., which showed that 69 percent of houses in that area are overpriced.

In addition to the Santa Barbara area, California cities Merced, Riverside and Salinas populated the top five in the list compiled by a Richard Dekaser of National City Corp.

The survey, conducted by DeKaser and reported Wednesday in USA Today, was based upon surveys and looking at 299 metropolitan areas across North America. - Article by Nolan Voight for CMR news.

US metropolitan area Actual value compared to actual market pricing Rank
Santa Barbara, CA Actual value only 69 percent of current market pricing 1
Salinas, CA Actual value only 67 percent of current market pricing 2
Naples, FL Actual value only 62 percent of current market pricing 3
Riverside, CA Actual value only 60 percent of current market pricing 4
Merced, CA Actual value only 59 percent of current market pricing 5
Stockton, CA Actual value only 58 percent of current market pricing 6
Port St. Lucie, FL Actual value only 58 percent of current market pricing 7
Madera, CA Actual value only 57 percent of current market pricing 8
Napa, CA Actual value only 57 percent of current market pricing 9
Medford, OR Actual value only 55 percent of current market pricing 10
Sacramento, CA Actual value only 54 percent of current market pricing 11
Modesto, CA Actual value only 53 percent of current market pricing 12
San Diego, CA Actual value only 53 percent of current market pricing 13
Santa Rosa, CA Actual value only 52 percent of current market pricing 14
Chico, CA Actual value only 52 percent of current market pricing 15
Barnstable Town, MA Actual value only 50 percent of current market pricing 16
San Luis Obispo, CA Actual value only 49 percent of current market pricing 17
Oxnard, CA Actual value only 48 percent of current market pricing 18
Fresno, CA Actual value only 48 percent of current market pricing 19
Los Angeles, CA Actual value only 48 percent of current market pricing 20
Miami, FL Actual value only 46 percent of current market pricing 21
West Palm Beach, FL Actual value only 46 percent of current market pricing 22
Vallejo, CA Actual value only 45 percent of current market pricing 23
Ocean City, NJ Actual value only 45 percent of current market pricing 24
Bend, Ore Actual value only 45 percent of current market pricing 25
Sarasota, FL Actual value only 45 percent of current market pricing 26
Redding, CA Actual value only 44 percent of current market pricing 27
Fort Lauderdale, FL Actual value only 43 percent of current market pricing 28
Nassau-Suffolk, NY Actual value only 42 percent of current market pricing 29
Santa Ana, CA Actual value only 41 percent of current market pricing 30
Atlantic City, NJ Actual value only 41 percent of current market pricing 31
Bakersfield, CA Actual value only 40 percent of current market pricing 32
Oakland, CA Actual value only 39 percent of current market pricing 33
Santa Cruz, CA Actual value only 39 percent of current market pricing 34
Palm Bay, FL Actual value only 38 percent of current market pricing 35
Las Vegas, NV Actual value only 38 percent of current market pricing 36
Poughkeepsie, NY Actual value only 37 percent of current market pricing 37
Vero Beach, FL Actual value only 37 percent of current market pricing 38
San Jose, CA Actual value only 36 percent of current market pricing 39
Bellingham, WA Actual value only 35 percent of current market pricing 40
Panama City, FL Actual value only 35 percent of current market pricing 41
Cape Coral, FL Actual value only 35 percent of current market pricing 42
Providence, RI Actual value only 34 percent of current market pricing 43
Reno, NV Actual value only 33 percent of current market pricing 44
Kingston, NY Actual value only 32 percent of current market pricing 45
Visalia, CA Actual value only 32 percent of current market pricing 46
Deltona, FL Actual value only 31 percent of current market pricing 47
Boston, MA Actual value only 31 percent of current market pricing 48
Washington DC Actual value only 31 percent of current market pricing 49
Essex County, MA Actual value only 30 percent of current market pricing 50
San Francisco, CA Actual value only 30 percent of current market pricing 51
Prescott, AZ Actual value only 30 percent of current market pricing 52
Duluth, MN Actual value only 30 percent of current market pricing 53



© 2006 CMR. All rights reserved.