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 of extremely overvalued markets includes five new listings and two areas that have been dropped. New to the list are Fort Walton Beach, Fla.; Portland and Eugene, Ore.; Edison, N.J.; and Bethesda, Md. ...
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