New Haven CT one of Top Five Undervalued USA Metros in June 2016

July 7, 2016 (CT) - The five most overvalued housing metros are Austin, San Antonio, Phoenix, Las Vegas and San Francisco. The five most undervalued metros in the United States are New Haven, Detroit, Hartford, Providence, RI, and Cleveland, OH. as reported by Kim Slowey on June 10, 2016 in Construction Dive, a building trade resource based in Washington, DC

Fitch determined the list for Forbes by labeling markets overvalued when home price growth outpaces the local economy, and labeling them undervalued when housing prices are below what the local economy can handle. 

Connecticut has not fared as well in the employment arena and has seen more than its share of millennials and baby boomers out-migrate to other states. That trend has left two of its metros, New Haven and Hartford, among the top five undervalued markets. Connecticut lost a high-profile business this year, General Electric, to Massachusetts, and Aetna and other insurance companies — the backbone of Hartford's economy — have considered similary moves, which many blame on a new round of state business taxes.

Experts at Fitch Ratings U.S. RMBS group said that while inventory is a consideration in overvalued markets like San Francisco, with ever-rising rents and home prices, the increase in incomes is "what's driving a lot of the demand."

David Carr is a full time REALTOR associated with Coldwell Banker who specializes in fiduciary representation of buyers of residential and multifamily investment property since 1996. Mr. Carr also specializes in marketing residential, multifamily and zero energy investment property in Southern Connecticut, and may be reached at 203-654-2905 or online at multiple venues.

http://www.constructiondive.com/news/5-most-overvalued-and-undervalued-us-housing-markets/420702/