Palm Beach County home prices “overcorrected”

Palm Beach County home prices continue to lag the average price nationwide, a trend that could shift only after the county’s foreclosure and short sale glut moves through the system, the Palm Beach Post reported. “I would say that, yes, we have overcorrected,” said Jack McCabe, a real estate analyst in Deerfield Beach. “When the market does recover, there’s going to be a lot of room for appreciation.” The difference between Palm Beach County and U.S. home prices has been about 20 percent since 2010, according to data from the National Association of Home Builders. In the fourth quarter, the median home price in the county was $129,000. [Palm Beach Post]