Over/Under Valued Housing Markets
Diana Heeb Bivona
House Prices in America reviews current and expected housing prices in the 317 largest U.S. Metropolitan areas on a quarterly basis. Results for the first quarter of 2007 were released in May. The study showed that a widely dispersed national pattern of falling home prices continued to reduce the percentage of overvalued houses on the market, particularly in California, Florida, New York, New England, and the industrial Midwest.
Surprisingly, 54 metropolitan areas out of the 317 real estate markets followed remained overvalued and at risk for a price correction. The greatest incidence of overvaluation was in Oregon and Arizona. Texas continued to lead with the largest number of undervalued metropolitan markets.
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