"Peter Wiley" wrote in message
. ..

No such thing as overvalued or undervalued in a free market, except in
someone's perceptions. It's worth what you can sell it for, when you
want to or have to sell it. Period.

There is a lot of rhetoric here now about "overvalued" real estate. The
term is perhaps a misnomer, but it refers to what property will be worth
when the market cools and the prices readjust. This happens in places like
San Francisco, Miami, and Chicago from time to time. My brother's home in
SF, which he purchased in '74 for $58K, appreciated to over $400K, and then
readjusted in a slump to around $275K back in the 90s. Now it is over $850K
and still rising, but he strongly expects a readjustment somewhere down the
road. So the market gurus speak over "overvaluation." Ultimately, however,
the trend is always up over the long haul. That's why interest-only loans
are dispensed like candy in such areas these days.

Max