C’ville Real Estate Bubble?

Lori writes to point out that Wednesday’s USA Today reports on a study by the National City Corp. that names Charlottesville in their list of housing markets where “prices are 30% above where the study estimates they should be based on historic price data, area income, mortgage rates and population density.” On the list of “metro areas that are extremely overvalued and vulnerable to price correction” we’re the 71st most severe in the nation, ranking just behind Asheville and Cambridge, with our residential property overvalued by an estimated 24%.

I’m just waiting for Jim Duncan to weigh in.

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