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 March 20, 2007

4th Quarter 2006 Sees Decline in Overvalued Homes
Real estate analyst firm Global Insight reports the number of single family homes that they find to be overpriced declined from 17% to 16% in the 4th quarter of 2006.
Prices of single family homes increased by 1.8% nationwide in the 4th quarter of 2006, and rose 4.1% over the same period n 2005. This data is taken from Global Insight's analysis of the 317 top real estate markets in the country.

Areas of the country that have not seen rapid growth in the early phase of the recent price run up have now shown appreciation. Areas included are Idaho, northern Arizona, Oregon and Washington. The analysis reports that prices of over valued homes dropped the most in states like New York, California and Florida.

57 different metropolitan areas have been identified by Global Insight as areas where homes are the most overpriced. The most overpriced city in the nation is Naples, Florida. The most undervalued homes can be found in College Station-Bryan, and Dallas, Texas.

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