By
Nadia Vanderhoof (
Contact)
VERO BEACH, FL -- Vero Beach has the most undervalued real estate nationwide, according to a recently released housing study.
IHS Global Insight, an economic research and forecasting firm, has ranked the Vero Beach region as having the most under-priced homes - out of 330 metro markets nationwide.
The IHS report, titled House Prices in America, said Vero Beach’s home prices dropped to $125,400, during the first quarter of 2009, a 29.7 percent drop from the first quarter of 2005.
The report said real estate in Vero Beach is undervalued by 42.5 percent.
Houma, La. ranked No. 2 with homes prices at $113.500, about 41.4 percent undervalue, the report said.
The study said “the bursting of the housing bubble in once-overvalued areas in California and Florida was severe.” Prices in those states have fallen more than 50 percent from their peaks.
The report said Atlantic City, N.J. remains the most overvalued housing market nationwide, with prices coming at $243.600, 44.1 percent over-priced.
