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by CareyBot

Extreme overvaluation was seen in the housing market during the second quarter, according to housing valuation report released last week. Fifty-six of the 299 metropolitan areas studied, or 32 percent of the total single-family housing market, were identified as being at risk for future price declines, according to the second-quarter update of the Global Insight/National City Housing Valuation Analysis. This represents a slight increase from 53 metropolitan areas, or 31 percent of the single-family market, during the first quarter. "Evidence of bubblettes clearly continues to build," said Richard DeKaser, chief economist at National City Corp., "though frothy conditions still account for a minority of the overall housing market." The net addition of three metropolitan areas to the list o...