Housing Markets Considered‘Extremely Overvalued’ Decline

CLEVELAND - (12/13/05) The number of U.S. home marketsconsidered “extremely overvalued” has declined slightlyas mortgage rates have risen and prices have eased, according toone ongoing study. Sixty-five markets are now considered extremelyovervalued, meaning they have home prices at least 30% above wherethey should be, according to the study done by National City Corp.and Global Insight Corp. Those 65 markets still comprise 38% of thetop 299 markets, down from 67 in the previous quarter. Four marketshave been added to the list­Honolulu Orlando, Phoenix andPensacola, Fla.,--while six dropped off--Essex and Worcester,Mass., Jackson and Bay City, Mich., Portland, Maine andCharlottesville, Va.