Platial | Who and What's Nearby
Platial | Who and What's Nearby
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Redding, CA housing market
a while ago
777 Cypress Ave, Redding, CA 96001
http://www.ci.redding.ca.us
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Description:
GLOBAL INSIGHT / NATIONAL CITY CORP. VALUATION:
2006/Q1 (see link to full report below)
$272,000 median sales price
68.4% overvalued
Classification: "Extremely overvalued"
How long have previous housing price corrections lasted?
How far have prices fallen? See nationwide map at:
http://www.platial.com/realestatecafe/map/7317
HOUSING BUBBLE CORRECTION COULD BE SEVERE
U.S. News & World Report (6/13/06)
EXCERPTS
"In the first quarter [of 2006], home prices nationwide rose an additional 7.3 percent, according to a joint study by the financial services firm National City Corp. and the research firm Global Insight. As a result, there are now 71 metropolitan areas–representing nearly 40 percent of all single-family homes–that can be classified as "extremely overvalued," according to the study. By comparison, only 64 metro regions were considered frothy at the end of last year and only 1 percent were classified as such in the first quarter of 2004."
"The fact that this number of metro areas – representing such a large percent of the total single family market–is extremely overvalued should be a cause for concern," said Richard DeKaser, chief economist for National City.
The bottom line: Real estate prices eventually correct themselves. And unfortunately for homeowners, it often takes years before home prices start to rise again, especially after a big run up.
National City recently studied 66 major metro regions over the past 21 years that suffered through a 10 percent or greater decline in prices for at least a two-year period of time. It found that home prices, once they begin to correct, tend to decline 17 percent on average before markets heal themselves.
"And the average duration of these adjustments is 3.5 years," says DeKaser.
FULL TEXT: http://tinyurl.com/gdozq
DEFINITION:
Valuations in excess of 34% are classified as "extremely overvalued." A complete ranking of overvalued and undervalued housing markets, as well as past price declines and duration of market corrections are available in PDF form from the link below:
FULL REPORT:
Overvalued Housing Market? Depends Where You Live
Most Overvalued, Most Undervalued of the 317 Largest U.S. Metro Areas Examined
http://www.globalinsight.com/Highlight/HighlightDetail2350.htm
GLOBAL INSIGHT / NATIONAL CITY CORP. VALUATION:
2006/Q1 (see link to full report below)
$272,000 median sales price
68.4% overvalued
Classification: "Extremely overvalued"
How long have previous housing price corrections lasted?
How far have prices fallen? See nationwide map at:
http://www.platial.com/realestatecafe/map/7317
HOUSING BUBBLE CORRECTION COULD BE SEVERE
U.S. News & World Report (6/13/06)
EXCERPTS
"In the first quarter [of 2006], home prices nationwide rose an additional 7.3 percent, according to a joint study by the financial services firm National City Corp. and the research firm Global Insight. As a result, there are now 71 metropolitan areas–representing nearly 40 percent of all single-family homes–that can be classified as "extremely overvalued," according to the study. By comparison, only 64 metro regions were considered frothy at the end of last year and only 1 percent were classified as such in the first quarter of 2004."
"The fact that this number of metro areas – representing such a large percent of the total single family market–is extremely overvalued should be a cause for concern," said Richard DeKaser, chief economist for National City.
The bottom line: Real estate prices eventually correct themselves. And unfortunately for homeowners, it often takes years before home prices start to rise again, especially after a big run up.
National City recently studied 66 major metro regions over the past 21 years that suffered through a 10 percent or greater decline in prices for at least a two-year period of time. It found that home prices, once they begin to correct, tend to decline 17 percent on average before markets heal themselves.
"And the average duration of these adjustments is 3.5 years," says DeKaser.
FULL TEXT: http://tinyurl.com/gdozq
DEFINITION:
Valuations in excess of 34% are classified as "extremely overvalued." A complete ranking of overvalued and undervalued housing markets, as well as past price declines and duration of market corrections are available in PDF form from the link below:
FULL REPORT:
Overvalued Housing Market? Depends Where You Live
Most Overvalued, Most Undervalued of the 317 Largest U.S. Metro Areas Examined
http://www.globalinsight.com/Highlight/HighlightDetail2350.htm
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