Amidst the gloomy news about interest rates rising globally and record-pace foreclosures comes this tidbit from Global Insight and National City Mortgage: Homes in Denver and its surrounding area are, on average, not badly overvalued.
If you're thinking "that's not very strongly worded good news, Jordan," thank heaven you don't live in Santa Barbara, California, where the average home is 41.9% overvalued.
Here's a map of the U.S. of A., showing data for different regions. To me it's a bit puzzling that they chose the color gray for areas that are undervalued; nevertheless, green shows home values that are "Fairly Valued."
The map is really fun and interactive on their site, so click on it here to go play with it, or click here.
So what this means to you and me is that we can buy a home today and not fear that when the time comes to sell, we will have to lose a major piece of equity simply because we paid too much.