The article includes graphs of average home price to median income for 20 metro areas. Comparison of income to home prices is important when you're shopping for a home and want to avoid future losses. The NYT's article also points out the importance of the surge in home foreclosures. While housing prices are overpriced by 5% nationally, house prices may potentially slide further due to surging foreclosures.
A sampling of the metro graphs include:
I can remember the last time an Atlanta area patrolman tried to issue me a traffic ticket. I was driving in the HOV lane and my occupant was reclined out of view. The patrolman thought he had an easy ticket. Sorry.
I would recommend you read the NYT's article further because there's some excellent anecdotal information about foreclosures auctions.
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