Study Says Wilmington Homes are Overvalued

JUNE 14, 2006 -- A new study published in USA Today says Wilmington ranks among the top U.S. cities for overvalued homes.

The study estimates the average home in Wilmington costs nearly $180,000. That's overvalued by about 36 percent. The numbers are based on income and employment, among other factors.

But local realtors say those statistics are off and fail to take into consideration the area's growing retirement community buying their second homes.

The city does recognize the need for affordable housing. The mayor has formed a task force that's working toward more affordable options.

Reported by Nicole Ferguson