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This just in from John Burns Real Estate Consulting. Giving it to you unedited:
84% of Markets Are Overpriced
Of the 100 largest metropolitan areas (based on annual permit activity):
Only 13 markets are below their historical median affordability level, 3 are exactly at their median and 84 are above the median.
The four markets that have remained very inexpensive are Cincinnati, Indianapolis, Cleveland and Pittsburgh.
Nine markets have even worse affordability levels than when mortgage rates were 18%+ in the early 1980s: New York, Washington, D.C., Los Angeles, Seattle, Portland (Oregon), Baltimore, Edison (New Jersey), Nassau (New York) and Naples.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.