Miami home market was third-most overvalued, report says

Miami home prices fell 35.8 percent from the fourth quarter of 2005 to
the fourth quarter of 2009, and its real estate was 49.4 percent
overvalued, according to a new report from IHS Global Insight. Average
home prices in the city fell from $281,300 in 2005 to just $180,500 in
2009. During the same period, home prices in the Fort Lauderdale
metropolitan area fell from an average of $259,400 to $146,600. The
West Palm Beach-Boca Raton metro area fell from $281,700 to $164,600.
The report, entitled “House Prices in America,” says that the national
housing market is now a bit undervalued. [SFBJ]