Home prices are on the rise due to a lack of inventory, but homes in Francisco, Miami, and New York are considered to be overvalued and concern real estate experts. RealtyTrac staffer Octavio Nuiry takes a look at these three markets and whether or not their bubbles are reinflating.
San Francisco has become a tech haven with high-end price tags to match these jobs, but its housing market is also affected by rising trouble in tech companies:
But the San Francisco venture capitalists are starting to get nervous. Twitter is laying off people. Yahoo is for sale and downsizing too. Numerous other tech companies have started the same process. This year’s dramatic drop in tech stock sucked some of the life out of San Francisco’s real estate market, and created conditions for further decline in home prices, according to local real estate experts.