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Are U.S. homes undervalued? A new survey suggests they are, but don't confuse that fact with 'a good time to buy a home.'U.S. home prices fell at a 6.9% annual pace in Q3, and are down 6.5% from their 2007 peak, with prices falling in 241 of 330 metropolitan markets, a survey by IHS Global Insight shows, marketwatch.com reported. Further, compared to their long-term fundamental values, U.S. homes are now 3.8% undervalued.
Undervalued homes? Yes, but...
Undervalued, yes. But does undervalued mean U.S. home prices are not likely to fall further? BloggingStocks asked economist Peter Dawson for an assessment.
"Home prices most certainly can fall further, and will continue to do so in most markets over the next year," Dawson said. "Potential home buyers have to keep in mind that just because a home in, say, Miami was $725,000 last year and is priced at $600,000 this year, and is 'undervalued,' that doesn't mean it can't fall to $500,000 or less by next year. And the price trend in most markets remains down. Home buyers need to keep sight of that."
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