A report updated for the first quarter of 2006 shows what areas have the most overvalued housing. You can view the report here. The report says it takes 3 and a half years to correct the overvaluation.
For Q1 2006, they list the San Luis Obispo housing market as being 56.5% overvalued, which ranks about 30th on their list of 317 areas nationwide.
Other California areas with worse overvaluation figures than SLO are:
Salinas – 79.1%
Merced – 77.4%
Stockton – 74.9%
Santa Barbara – 73%
Madera – 72.5%
Modesto – 68.6%
Redding – 68.4%
Yuba City – 67.9%
Napa – 65.3%
Fresno – 63.6%
Bakersfield – 63.3%
Los Angeles – 61.3%
Chico – 60.7%
Vallejo – 57%
San Luis Obispo – 56.5%
The lowest ranked California areas were San Diego and Hanford at 38.6%.
The most undervalued areas are in Texas.
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