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84% of Nation's Housing Markets Hit with Price DeclinesThird Straight Quarter of Falling Prices; Drop Steepest in Overvalued Markets Most Overvalued, Most Undervalued of the 330 Largest U.S. Metro Areas ExaminedThe 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. First quarter 2008 study findings show that price declines were pervasive, affecting 262 of the 330 metropolitan areas. The steepest declines continue to be in markets once noted as overvalued and in slumping "Rust Belt" markets in the industrial Midwest - California, Florida and Michigan. The number of extremely overvalued housing markets fell to just eight in the first quarter, down from 21 last quarter and a peak of 56 in 2006. Free Offerings: Full Study: House Prices in America - Q1 2008  Methodology - Q1 2008 Press Release - Q1 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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