More Housing Markets are Overvalued, and Consumers Feel the Pain #realestate #homeownership #investment

Source:  CNBC

The steady rise in home prices is so far showing no boundaries, and that is turning up the heat on some already overheated housing markets.  Home prices rose 7 percent nationally in September, compared with September 2016, a higher annual increase than was seen in August, according to CoreLogic, a real estate data firm.

As a result, 48 percent of the nation's top 50 housing markets are now considered "overhauled," up from 46 percent in August.  A market is considered overvalued when home prices are at least 10 percent higher than the long-term, sustainable level.  For the top 100 markets, 36 percent were considered overvalued.

Las Vegas, Denver, Los Angeles, Miami and the New York-New Jersey metropolitan area are all considered overvalued.

By comparison, these pricey markets, Boston, San Francisco and Chicago, are considered at-value based on long-term price sustainability.

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