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·Housing Overvaluations Increase During Third Quarter
38% of Housing Stock 'Extremely Overvalued' in Global Insight/National
City Housing Valuation Analysis of Top 299 Metro Areas
WALTHAM, Ma. and CLEVELAND, Dec 09, 2005 /PRNewswire-FirstCall via
COMTEX/ -- The third- quarter update of the Global Insight/National
City Housing Valuation Analysis released today shows 38% of the top 299
metro housing markets are extremely overvalued and at risk for a price
correction. The number of extremely overvalued markets actually
declined to 65 from 67 in the second quarter, showing the incidence of
overvalued markets is becoming more concentrated.
"While the incidence of overvaluation clearly increased, we are
beginning to see more diversity among metro areas. Not all are moving
toward loftier valuations, as was the case during the 2003-2004
period," said Richard DeKaser, chief economist at National City
Corporation (NCC). "Whether the most extremely overvalued markets will
have an orderly price correction to more normal, historic levels
remains to be seen."
[...]
<http://custom.marketwatch.com/custom/usaa-com/html-story.asp?guid={E8BE1DC8-073E-4947-A8B6-6ABE457A5E69}&category=&keyword=&symb=&Idnum=06290243828835179814&L2=XN&Quotes=Y&UKorBelgium=false&LastPage=ImRealTimeQuotes&StrKey=>
38% of Housing Stock 'Extremely Overvalued' in Global Insight/National
City Housing Valuation Analysis of Top 299 Metro Areas
WALTHAM, Ma. and CLEVELAND, Dec 09, 2005 /PRNewswire-FirstCall via
COMTEX/ -- The third- quarter update of the Global Insight/National
City Housing Valuation Analysis released today shows 38% of the top 299
metro housing markets are extremely overvalued and at risk for a price
correction. The number of extremely overvalued markets actually
declined to 65 from 67 in the second quarter, showing the incidence of
overvalued markets is becoming more concentrated.
"While the incidence of overvaluation clearly increased, we are
beginning to see more diversity among metro areas. Not all are moving
toward loftier valuations, as was the case during the 2003-2004
period," said Richard DeKaser, chief economist at National City
Corporation (NCC). "Whether the most extremely overvalued markets will
have an orderly price correction to more normal, historic levels
remains to be seen."
[...]
<http://custom.marketwatch.com/custom/usaa-com/html-story.asp?guid={E8BE1DC8-073E-4947-A8B6-6ABE457A5E69}&category=&keyword=&symb=&Idnum=06290243828835179814&L2=XN&Quotes=Y&UKorBelgium=false&LastPage=ImRealTimeQuotes&StrKey=>