Actually you are right. I’ve even seen reports which say it is as much as 70% overvalued. Perhaps is is only 65% overvalued. I am not going to argue down to the last digit. The fact is that it is extremely overvalued. No one can argue that point, except for realtors. This market is not based in any kind of realty whatsoever. It is not in line with the increase in income, it is not in line with the possible rental value of a property, less than 10% of people can even afford a “median” priced home, even the city istelf has been on the verge of bankruptcy. The only people hoping for that soft landing are probably home owners and thieves and realtors and of course David Lereah. Take a look on the latest article from this website, “Good Luck With That Soft Landing”. It’s not a very likely scenario.
