Yes Virginia, You Are Overvalued!

I have not talked about real estate in a while, in part because it's been all over the mainstream media, more so than it really deserves (most stories have no new content, and rehash the same old crap!) But National City Corp. reported estimates of fair value for real estate in several cities yesterday and found several cities to be vastly overvalued. My own state of Virginia as well as my former state of Arizona are positively bloated - I live in Charlottesville, where houses are 30% overvalued! The most overvalued? Naples, FL - 96% overvalued. The most undervalued? College Station, TX - almost 23% undervalued. Texas accounted for 8 of the 10 most undervalued cities, while California and Florida for 18 of the 20 most overvalued.