Looking for "undervalued" housing? Try Odessa, TX
Category: Economy & Business... Local...
Posted Monday, August 29, 2005 at 06:53 PM [GMT-6]

According to a recent study, Odessa, Texas is home to the fourth most undervalued housing market in the nation. Housing in Odessa is judged to be undervalued by 14%. College Station, Texas (-19%) leads the undervalued category, followed by El Paso (-17%). Killeen (-13%) gives Texas four out of the five most undervalued housing markets in the nation.

Midland (-6%) is tied for 12th with a number of other mostly-midwestern cities. Dallas was the largest metro area (population >5 million) to be undervalued (-11%). However, the study apparently excluded Metroplex suburbs like Frisco and Plano where, one suspects, the pricing might be skewed to the overvalued end of things.

The study, the results of which appear at CNN.com, was conducted by the National City Corporation:

Richard DeKaser, chief economist of financial services company National City Corporation, recently studied 299 U.S. housing markets, assigning relative valuations based on historical prices in the region, income, population density, and interest rates.

DeKaser found that six of the ten least overpriced markets were in Texas.

On the flip side, four of the most overvalued markets are in California (big shock, huh?). Santa Barbara leads the pack (+69%, with a median home price of $564K) with Salinas (+67%; median price - $516K) following closely.

And where would you live if you wanted housing that, according to this study, was priced just right? Well, you have a choice among such exciting destinations as Lafayette, LA, Lincoln, NE and Oshkosh, WI.

As one might expect, given the current overheated nature of the US real estate market, overvalued areas outnumber undervalued ones by more than 2-to-1.

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Comments

Urk and double Urk!

Does that mean we get to look forward to invasion from both the north AND the south?

Posted by: Cowtown Pattie at August 29, 2005 10:48 PM

Well, maybe...but it also means that if you're gonna become a desert rat, now's the time to do it! ;-)

Posted by: Eric at August 30, 2005 06:30 AM

Sigh, don't I know it. Problem is we still have a young 'un to get out of high school. Never wished harder for two years to pass so quick ( unless you count the summer I was 14 and itching to be behind a wheel and able to date).

I fear my dream is slipping away...

Posted by: Cowtown Pattie at August 30, 2005 09:48 AM

The only problem with picking up a bargain house in Odessa is that.......it's in Odessa.

[said in jest....I think]

Posted by: Wallace-Midland Texas at August 30, 2005 12:06 PM

I saw this report last week. This is now a concern of mine since I now work for a home builder/developer. I am just waiting for the bubble to burst and hoping I will still have a job afterwards.
Hey @ $70 I could always get into oil. They have computers and web site too....

Posted by: shannon at August 30, 2005 01:07 PM

Pattie, hang onto that dream...things have a way of working out in the most surprising ways!

Wallace, don't make me report you to the Odessa Chamber of Commerce.

Shannon, what can I say? I can think of worse jobs than doing IT for a major oil company...and that bubble isn't going away anytime soon, unless the whole global economy collapses, in which case we're all up the creek.

Posted by: Eric at August 30, 2005 03:34 PM
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