House prices in the United States are nearly 20% undervalued, especially in the states of California, Nevada, Michigan and Ohio, when compared to global markets, according to a report from independent macroeconomic research consultancy firm Capital Economics.
What’s more, the firm’s US economist, Paul Dales, writes in a separate report that prices will continue to fall, but that this will probably not trigger another economic downturn. Dales also notes that prices on a national level increased on average 3-6% in 2009. But that trend will likely end, with prices falling another 5%, unless the government extends the homebuyer tax credit.
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US House Prices are Undervalued Globally
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