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FAU Study shows 15 Housing Markets Over valued by More Than 50 Percent

The high cost of housing across the country is playing out in once-remote markets and major metropolitan areas, making homeownership unattainable for many Americans and a risky bet for others.

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Four U.S. housing markets are overvalued by more than 60 percent, while 11 others are overvalued by more than 50 percent, according to the latest study from researchers at Florida Atlantic University and Florida International University.

Boise, Idaho, long considered a distant outpost far from big-city job centers, leads the nation in overpriced housing, with more people discovering the area while working remotely during the pandemic. Boise’s pricing history suggests homes now should cost an average price of $299,202, although the typical buyer is paying $516,548 – 72.64 percent above the area’s long-ter m pricing trend.

No. 2 Austin, Texas is quickly gaining ground, with buyers paying 67.70 percent more than they should. Buyers in Ogden, Utah (64.73 percent) and Las Vegas (61.48 percent) also are paying significant premiums to live there.

Atlanta, Phoenix and Provo, Utah lead a contingent of communities overvalued by more than 50 percent. Meanwhile, No. 8 Fort Myers, Florida, formerly known as a vacation and retirement haven south of Tampa, has fast become synonymous with unaffordable housing. It moved into the Top 10 for the first time.

T he full rankings with interactive graphics can be found here.

“Near-record-low mor tg ag e rates helped fuel demand for housing, especially during the pandemic, and the competition for homes pushed prices higher. But now the Federal Reserve is raising rates to curtail inflation, and already that’s cooling demand,” said Ken H. Johnson, Ph.D., an economist in FAU’s College of Business.

A looming slowdown could help people priced out of the market get into homes, but it also may be a serious concern for some consumers, Johnson added.

“If we’re not at the peak of the current housing cycle, we’re awfully close,” he said. “Recent buyers in many of these cities may have to endure stagnant or falling home values while the market settles – and that’s not what they want to hear if they had planned to resell anytime soon.”

Each month, Johnson and Eli Beracha, Ph.D., of FIU’s Hollo School of Real Estate, rank the most overvalued housing markets of America’s 100 largest metros by determining the premiums buyers are paying. The larger the premium, the more overpriced a market is. The researchers’ data dates back to 1996 and covers singlefamily homes, townhomes, condominiums and co-ops.

The rankings do not consider how expensive a market traditionally is. The two high-cost housing markets of New York and San Francisco, for example, are among the least over valued in the countr y because homes in those two metros still are selling relatively close to where they should be, based on historical trends.

Shoddy underwriting and a glut of homes on the market led to the housing crisis of 2006 to 2011, but those aren’t factors now, according to Beracha.

“In the prior downturn, many homes lost half of their values, but I don’t think we’ll see anything close to that this time around,” he said. “Still, it could be painful for many consumers who are buying near the top of the market.”

Beracha and Johnson said outcomes from this housing crisis will vary across the country, with growing population centers suffering less from price declines but being saddled with prolonged affordability issues. Metros with stagnant or falling populations, however, will most likely take bigger hits to home prices but have far fewer issues with housing affordability.

Osher Lifelong Learning Institute at FAU Awards $9,000 in Scholarships

The Osher Lifelong Learning Institute at Florida Atlantic University in Jupiter recently awarded nine $1,000 scholarships to undergraduate and graduate students at the Northern Campus Achievement Awards.

The awards include one $1,000 scholarship from the proceeds of the LUNAFEST© film festival and one $1,000 scholarship in memory of Robert Friedman.

“The students that received the scholarships are wonderful representatives of the FAU student body,” said Eliah Watlington, Ph.D., associate provost and executive director of the Osher Lifelong Learning Institute in Jupiter. “The committee who chose the recipients were extremely impressed by each student’s impressive academic qualifications.”

The primar y criteria for the scholarship selection were a candidate’s demonstrated academic achievement and leadership perfor mance. T he g raduate scholarship recipients were Ker riann Badal and Rachel Friear y. T he undergraduate scholarship recipients were Ana Lorena Chacon Santiago, Allison Dobuler, Thamara Fernandez Martinez,Haven G r ay, M e l a n i e H a r t , C a m i l a R i m o l d i Ibanez and Renee Sealey.

Boynton Beach City Librar y Wins Librar y of the Year Award

T he Boynton Beach City Librar y (BBCL) has been named the 2022 Library of the Year by the Florida Library Association (FLA), a statewide organization that promotes excellence in Florida libraries. The honor recognizes BBCL and its staff for meeting the needs of the community and creating innovative programs during a year of inevitable change.

Services provided by the Library are not restricted by location, language, or income level. The Library strives to meet their patrons where they are needed most; whether that meant providing virtual programming during the Covid-19 pandemic or creating free resources to kickstart local entrepreneurs. Library staff took a year of inevitable change and transformed it into a challenge to be the library their community needs. City Library amenities include modern technologies, a Creative Edge Studio makerspace, increased support for small businesses and entrepreneurs, revamped marketing, and a new Friends Bookstore.

“It’s an honor to be recognized by our professional peers and to be reassured that our Library is providing innovative and lifechanging programming to the citizens of Boynton Beach,” said Librar y Director Craig Clark. “We have a talented and creative team here at the Boynton Beach City Library, and I am very proud of them.”

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PBSC alum now a Milwaukee Brewers major league player Toney Receives C-USA Spring Spirit of Ser vice Award

Palm Beach State College baseball alumnus Peter Strzelecki is now a Milwaukee Brewers Major League Baseball player.

Strzelecki pitched for PBSC during the 2014 and 2015 seasons and graduated with an Associate in Arts degree in 2015.

“Pete was an awesome competitor and a very solid teammate as well,” said PBSC Head Baseball Coach Kyle Forbes. “We are so happy and proud of his success and promotion to the major leagues.”

A f t e r g r a d u a t i n g f r o m P B S C , Strzelecki, a right-handed pitcher, went on to play for the University of South Florida in 2017 and 2018.

Last month, he was called up from the Nashville Sounds, the minor league team and triple-A affi liate of the Milwaukee Brewers. While in the minor leagues, he posted an overall record of seven wins, fi ve loses with eight saves and an earned run average of 3.73 with a walks and hits per inning pitched of 1.23.

While at PBSC, Strzelecki and his teammates were named the 2015 Southern Conference champions. Before PBSC, he attended Santaluces High School. Fans can follow Strzelecki on Twitter at @_PistolPete11.

Strzelecki joins Nick Vespi as the second PBSC alum this year to make it to the major leagues. To date, PBSC baseball has had 15 alumni make it to the major leagues.

Florida Atlantic University baseball senior catcher Nicholas Toney received the Conference USA Spring Spirit of Service award on Tuesday. The award honors student-athletes with significant community service endeavors, g ood academic standing and participation in their sport.

The Spirit of Service Award is presented three times throughout the season, w i t h Tu e s d ay ’s honorees representing baseball, men’s and women’s golf, outdoor track and fi eld, softball, men’s and women’s tennis and beach volleyball. Recipients are nominated by their institutions.

Toney was a four-year member of the FAU baseball program before graduating in May with a bachelor’s degree in Exercise Science. The Royal Palm Beach, Fla. native accumulated over 20 hours of community service this year and over 40 throughout his career. He worked with AD Henderson, a local elementary school, beach clean ups, Boca Little League, Project Thanksgiving Canned Food Drive, and the Big Dog Ranch. He has also been one of the SAAC reps for FAU the past two years.

“I don’t know if there’s a finer human that has ever played here,” noted FAU head b a s e b a l l c o a ch J o h n M c C o r m a ck . “ I c a n’t say enough good t h i n g s a b o u t him and about the impact he’s made on my life in ter ms of his a b i l i t y t o j u s t k e e p w o r k i n g a n d d o i n g t h e

right thing.”

On the fi eld, Toney was named a cocaptain prior to the start of the season and went on to play in 26 games with 18 starts behind the plate. He hit .258 with two home runs and 10 RBI. In his four year career, he made just three errors in 468 career chances.

Toney joins football senior Chaz Neal and swimming and diving junior Kirsten Hobson (winter release) as FAU’s Spirit of Service representatives for the 2021-22 academic year.

FAU Baseball Land Four on C-USA All- Conference List

Conference USA released its postseason and superlative awards for baseball on Tuesday. Florida Atlantic University received four selections with Nolan Schanuel and Gabriel Rincones, Jr. on the fi rst team and Hunter Cooley and Dylan Goldstein on the second team. Rincones was also named as the league’s Newcomer of the Year.

GABRIEL RINCONES, JR.

In his fi rst season at FAU, the native of Glenrothes, Scotland led the Owls with 66 RBI and tied for the team lead with 18 home runs. Rincones started all 55 games and hit .346. He fi nished in the top fi ve in C - U S A i n n e a r l y e v er y offensive category including R B I , h i t s ( 7 9 ) , a n d runs scored (58). Rincones is the f i r s t p l ay er in program histor y to ear n the Confere n c e U S A Newcomer of the Year award.

NOLAN SCHANUEL

Named as a Preseason All-American in January, Schanuel has once again started every game this season at fi rst base. The sophomore hit .372 with 14 home runs and 53 RBI. He fi nished second in C-USA with 80 hits. Schanuel was a second team All-CUSA selection last season.

HUNTER COOLEY

The senior led Conference USA in innings pitched (98) and tied for the league lead in wins (8). Cooley tossed two complete games and went seven or more innings in seven of 10 C-USA starts. The Vero Beach native was also a second team all-conference selection in 2021.

DYLAN GOLDSTEIN

Another new face in the FAU lineu p, G o l d stein started a l l b u t o n e g a m e in the regular season. After movi n g i n t o the cleanup spot in the Owls’ lineup in early A p r i l , t h e sophomore transfer hit . 3 6 0 w i t h 11 home runs and 33 RBI in 29 games. He fi nished the regular season tied with Rincones for the team lead in home runs (18) and led the Owls with a .486 on-base percentage.

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