Real Estate Notes

Daily Real Estate News
March 20, 2007

Overvalued Homes Decline in 4th Quarter

The number of single-family homes that real estate analyst Global Insight considers overvalued declined to 16 percent in the fourth quarter of 2006 from 17 percent the previous quarter.

Nationwide, single-family home prices rose in the fourth quarter by 1.8 percent and were up 4.1 percent compared to the same period the previous year, according to Global Insight’s analysis of 317 top U.S. real estate markets.

Home price appreciation was strongest in areas of the country that didn’t see rapid growth at the beginning of the price run-up, including northern Arizona, Utah, Idaho, Washington, and Oregon. However, prices of overvalued homes fell the most in states like Florida, California, and New York. Global Insight identified 57 metro areas as continuing to be significantly overpriced.

Naples, Fla., remains the most overpriced market. On the other hand, Dallas and College Station-Bryan, Texas, are tied for the most undervalued.
— REALTOR® Magazine Online
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