Good news! Los Angeles isn't so expensive after all, according to a Laguna Hill-based company called Geo-stat Advisory. According to their research, home prices in the Los Angeles, Long Beach and Glendale metro area are currently overvalued by just 2.7 percent. That's nothing! Homes are overvalued by 6.7 percent in Riverside, Ontario and San Bernardino county areas. There's no explanation of how the study was done, by the way. But no matter. All is ok in LA's market, according study author Nima Nattagh.
"I think the extent of overvaluation is not as much as some people have expected," he said. "I think it bodes well for the market."
Nationwide, Pittsburgh leads the country--overvalued by 25.7 percent, Geo-stat said. The most undervalued market is St. Louis at 28.4 percent, so get packing Riverside.
· Reality bites real estate market [Daily News]