patrick.net

http://money.cnn.com/2010/01/27/real_estate/most_overvalued_metro_areas/index.htm

I'm happy to report that Real estate in Atlantic City (and surrounding areas) is extermely overvalued. Now I know what your thinking, that California has us beat hands down, since it's still 600k for a shack in a crime ridden area of the San Fransicico Valley, but let me just reassure you when all factors are considered, like the access to well paying jobs, AC has your asses whipped. I can honestly say I'm looking forward to another 20 or 30% drop in home prices. I always beleived that my house was overvalued anyway, I hoping to get the value to mortgage ratio to somewhere around 1/2 of my mortgage. If I'm lucky I will get to die well before the balanace is paid off and then I get to shaft it to the evil banks that loaned me the money to buy the house. (even though I had more than adaquate income (debt to income ratios), credit, and assests to justify the mortgage in the first place.

As always I'm trying to look on the bright side of life, since reality is bleak and depressing. :)

#housing