Thursday, June 01, 2006

You Paid Too Much

If you just bought a second home in Naples, Fla. you probably paid nearly double what the property is really worth.

A Barron's study based on info from National City, a Cleveland banking and mortgage outfit, says homes there are overvalued by 96 %. Second on the list is Port St. Lucie/Fort Pierce, Fla. Top 10 overvalued cities include Tucson, Prescott and Phoenix in Arizona; Bend, Ore.; Napa, Calif.; Barnstable, Mass.; and Ocean City and Atlantic City, N.J.

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