Living in a Dead Zone

Yes, the people at Fortune Magazine just proclaimed Sacramento along with seven other communities as Dead Zones. I am sure there are readers out there who will take great delight in this article. Here is what they describe:

With houses hovering beyond the reach of most potential purchasers, formerly
frantic markets grow eerily calm. People who rush to list their homes, hoping to
grab a fat gain just before prices break, take them off the
market.

Sales shrink as buyers float low-ball offers, and sellers
refuse them. Realtors and mortgage brokers find other jobs. The bubble areas
turn into Dead Zones.

I don’t feel like we are in a dead zone but maybe we better all start thinking about moving to Fortune’s “Safe Havens” so we can be in real estate nirvana. I have nothing bad to say about Cleveland, Columbus, Omaha or even Pittsburg but I like it here! If you want to read more, the story is here. By the way they say our homes are overvalued by 57%.