A new report suggests that homes are no longer overpriced in the vast majority of markets, but concludes prices will continue to fall in areas hard hit by foreclosures -- in many cases overshooting market fundamentals on their way down. IHS Global Insight's quarterly report, House Prices in America, looks at historical home-price-to-income ratios in 330 metro areas. The latest report concludes that homes were fairly valued in all but 33 of those markets at the end of September. Only three markets in the entire nation -- Bend, Ore.; Atlantic City, N.J.; and St. George, Utah -- are "extremely overvalued" and at risk of substantial price decline of 10 percent or greater, the report said. That compares with a peak of 52 extremely overvalued markets in 2005. That might sound like good news for prospective homebuyers worried about buying into a declining market. But the report looks primarily at affordability and does not directly consider factors that may send prices ...
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