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The Housing Price Bubble Has Completely DeflatedExtremely Overvalued Markets Essentially Nonexistent Second Quarter 2008 Most Overvalued, Most Undervalued of the 330 Largest U.S. Metro Areas Examined The updated quarterly study, House Prices in America, using Global Insight's extensive proprietary databases on the housing market, including data and forecasts for home prices, home sales, housing stock, and household income, with methodology developed by the economics department of National City Corporation, examines current and expected housing prices in the 330 largest U.S. metropolitan areas. Study findings for the second quarter 2008 show that the rate of price decline has slowed a bit from the previous two quarters. It is still most severe in two once-overheated markets - California and Florida - and in economically struggling Michigan. Still, prices fell in 152 of 330 metro areas in the study representing 46% of the single-family housing units in the U.S. Only six housing markets, down from a peak in 2005 of 51, were extremely overvalued. Free Offerings: Full Study: House Prices in America - Q2 2008  Methodology - Q2 2008 Press Release - Q2 2008 More Details: U.S. Regional Real Estate Service For more information contact: James Diffley Group Managing Director, Global Insight Regional Services +1 610.490.2642 james.diffley@globalinsight.com Jeannine Cataldi Senior Economist, Manager of Global Insight Real Estate Service +1 610.490.2650 jeannine.cataldi@globalinsight.com |
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