All Pennsylvania cities show evidence of relative price declines from their fair value estimates from 2006 to 2010, except Harrisburg, which extended its over-valuation, and Scranton, which is about the same.
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All Pennsylvania cities show evidence of relative price declines from their fair value estimates from 2006 to 2010, except Harrisburg, which extended its over-valuation, and Scranton, which is about the same.
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Imagine a simple housing market where all property values are known with certainty. Even though values are not observable, all current prices would be “correct” (i.e., identical) and all future prices would be perfectly predictable. In such a market, price always equals value.
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Wednesday, Feb. 8, 2012
