65 of top 299 real estate markets severely overpriced.

According to a study by National City Corp, a financial holding company in conjunction with Global InSight, a financial information provider entitled Housing Market Analysis for the 3rd quarter of 2005, the 65 metro areas that are 30% or more overvalued account for 38% of the U.S. housing market. The report stated, "These areas face a high risk of future price correction."

Naples, Florida is the most overvalued of all housing markets. In Naples a single-family media priced home sells for $329,970 or 84% more than it should cost according to the report. Other most overvalued areas include Medford, OR, Miami, FL, Barnstable, MA, Santa Anna, CA, Providence, RI/MA, and Grand Junction, CO.

And, In contrast, the best values to be found are in College Station, Texas where homes are undervalued by 23%. According to the report, areas where good buys can still be found include Alburqurque, NM, Spartansburg, SC, Sioux Falls, SD, Evansville, IN/KY, Oklahoma City, OK, Macon, GA, and Fort Smith, AR/OK.

See Also