The U.S. housing boom and then bust has had a number of affects on real estate nationally. Prices are much lower, inventory levels are higher, and the affect on our economy is well documented. The U.S. News and Report says that it may be a blessing in disguise for some home buyers. Home prices in certain areas are undervalued when compared with their longer-term averages. US News and World Report asked Moody's Economy.com to perform a study. The economics firm provided average and quarterly home price-to-income data for each of the nation's 384 distinct metropolitan statistical areas. By comparing the most recent figures with longer-term averages, they were able to compile a list of 10 cities for real estate steals.
What does it mean for Mobile? It means that homes are very affordable right now and compared to past and future expectations, the current prices for homes in our area are at bargain levels.
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