Study: Dallas-Fort Worth homes are undervalued

 A new national study says that Dallas-Fort Worth has one of the most undervalued housing markets in the country. Texas markets are also showing resilience in the face of nationwide home value drops, according to a report released by research firm Global Insight and National City Corp. Homes in Dallas are 30 percent undervalued and Fort Worth homes are almost 25 percent undervalued based on their estimates of where housing prices should be in North Texas. Even so, North Texas cities were among the 291 U.S. metropolitan areas that saw declines in overall home values at the end of 2007. Global Insight estimates that overall home values in the Dallas-Fort Worth area have dropped as much as 10 percent. During the last five years, Dallas-area home prices have risen less than 16 percent, while the nationwide market has appreciated more than 40 percent. To come up with its valuation estimates, Global Insight says it determines what home prices should be in the area, accounting for differences in population density, relative income levels, interest rates and historically observed market premiums or discounts.
[Dallas Morning News]
 

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