Global Insight and National City Corp. released a joint analysis of the pricing of metro housing markets this afternoon.
The number of very overpriced housing markets grew in the last three months of 2005 from the prior quarter despite slowing demand and rising mortgage rates, a study released on Friday shows.
In the latest joint analysis by Global Insight and National City Corp., 42 percent of the top 299 U.S. metro housing markets were considered “extremely overvalued,” making them vulnerable to price declines.
“While the incidence of overvaluation clearly increased, we are beginning to see the pace of price appreciation slowing, with the lowest increase since the third quarter of 2003,” National City’s chief economist, Richard DeKaser, said in a statement.
The full report can be found here:
House Prices in America (PDF)
Northern NJ Metro Areas in 2005 Q4:
Edison, NJ 31.9% Overvalued
Newark, NJ-PA 29.6% Overvalued
New York-White Plains, NY-NJ 28.6% Overvalued
Other NJ Metro Areas in 2005 Q4
Atlantic City, NJ 59.6% Overvalued
Ocean City, NJ 49.5% Overvalued
Vineland, NJ 23.7% Overvalued
Camden, NJ 19.4% Overvalued
Trenton, NJ 18.2% Overvalued