Dennis Norman
By: Dennis Norman
According to a report issued by IHS Global Insight, house prices in the St. Louis area in the second quarter of 2009 are almost 10 percent below their estimated value.
IHS Global Insight, when determining statistically normal house values, considers not only house prices and interest rates, but household incomes, population densities, and any historical premiums or discounts metropolitan areas have exhibited over time.
Many metros in the Pacific Northwest are still overvalued and Southern metros, especially in Texas, have remained generally undervalued. Their rating for the overall market is that it is undervalued by 11.1%; St. Louis is just a little below this at 9.7% below value.
Below are some of the metros that are topping the charts in terms of being undervalued:
- Vero Beach, FL 40.5 percent undervalued
- Las Vegas, NV 39.8 percent undervalued
- Cape Coral-Fort Meyers, FL 38.0 percent undervalued
- Merced, CA 37.7 percent undervalued
- Houma, LA 35.5 percent undervalued
- Vallejo, CA 34.3 percent undervalued
- Warren, MI 34.2 percent undervalued
- Midland, TX 33.8 percent undervalued
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