“South Bend Homes are Undervalued” -National City

by Nick Molnar on July 4, 2006

The Greater Fort Wayne Business Weekly reports Indiana’s housing is undervalued.

The average single-family home in South Bend was undervalued by 4.3 percent during the first quarter, according to a study released last month by National City Corp. and GlobalInsight, an economic information company.

The GlobalInsight/National City Housing Valuation Analysis examines the top 317 U.S. real estate markets, or 84 percent of the housing market, to determine what home prices should be, controlling for differences in population density, relative income levels, interest rates and historically observed market premiums or discounts.

Richard DeKaser, chief economist at National City, said that amount of undervaluation is not really significant and reflects the fact that “Indiana has consistently been a state with fairly valued single-family homes.”

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