Source: Newsmax —
Home prices could fall in 183 ”overvalued” markets if the housing recession continues, according to data mapped out from Moody’s Analytics.
The map shows that 183 of the 413 top housing markets are ”overvalued” by more than 25%, which some believe could translate to a decline in prices of as much as 20% if the slump in housing sales continues.
While overall, Moody’s chief economist Mark Zandi told Fortune that home prices would either drop around 5% or stay the same, areas with much higher overvaluations, such as Boise, Idaho, and Flagstaff, Arizona, which have overvaluations of 72% and 60% respectively, could see steeper declines.
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