A new study examines how far out of control some housing markets have gotten as a result of pandemic trends in real estate.
"A new survey from Florida Atlantic University and Florida International University looks at the nation’s most overvalued homes, with Boise, Idaho, topping the list," reports Chris Morris. "Homes in the Gem State sell for a stunning 80.64% premium, based on a history of past pricing."
Boise far outpaces the second city on the list, Austin, where homes are a little more than 50 percent overvalued, according to the study. Ogden and Provo follow, with Detroit (!!) rounding out the top five. Of 100 cities evaluated, 95 are overvalued, according to the study.
Researchers Ken H. Johnson and Eli Beracha produced the study using data from the Zillow Home Value Index. The methodology can be found here.
The findings of the study come with a warning, writes Morris: "If you plan to move soon, you could find yourself later selling property at a loss."
The study follows shortly after a Pew Research Center survey revealed more Americans voicing a preference for single-family housing in sprawling development patterns, far from retail and other uses.
FULL STORY: These are the most overvalued housing markets in the U.S.
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