Goldman Sachs (GS) Said California Homes Are Overvalued By Close to 40%
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Goldman Sachs (NYSE: GS) said California homes are overvalued by close to 40%. Goldman said stricter lending guidelines will probably contribute to ``material'' price declines.
In August, the median price for houses in California was $589,000, though economic conditions only support prices of $350,000 to $380,000, the analysts said. Goldman thinks a drop in home prices is imminent.
The Goldman note, dated Oct. 21, was written by James Fotheringham, Daniel Zimmerman and Monica Gabel.
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