Despite having no luck selling their properties, home owners in some parts of the country have clung tenaciously to their notions of the value of their homes.
Forbes magazine ranked markets it considered the most overpriced based on the ratio of the median initial list prices compared to the median list prices at the time the properties actually sold. It also factored in how long the properties stay on the market. In addition, the magazine considered expert forecasts of price increases in the areas, which could be what were encouraging home owners to price high.
The top 10 areas where Forbes found the most over-priced properties were:
1. 1. Orlando
2. 2. Miami-Fort Lauderdale-Pompano Beach
3. 3. Jacksonville, Fla.
4. 4. Baltimore-Towson
5. 5. Chicago-Naperville-Joliet
6. 6. San Antonio, Texas
7. 7. Denver-Aurora
8. 8. Tampa-St. Petersburg-Clearwater
9. 9. Indianapolis-Carmel
10.10. Austin-Round Rock
Source: Forbes, Francesca Levy (12/03/2009)