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Report Home Prices 3 Undervalued Nationally

first_img Share Report: Home Prices 3% Undervalued Nationally October 6, 2014 508 Views in Daily Dose, Data, Featured, Newscenter_img Home Prices Home Values Housing Bubble Trulia 2014-10-06 Tory Barringer Despite inching closing to the tipping point, home prices still haven’t reached a stage where fears of a bubble are justified, says Trulia.The company recently released its third quarter Bubble Watch report, which measures whether home prices are over- or undervalued relative to their fundamental value. Comparing current movements to long-term trends, the report suggests home prices nationally remain 3 percent undervalued, a step up from 5 percent in the second quarter.During the housing bubble of the last decade, house prices surged to 34 percent overvaluation at their peak (in Q1 2006) before diving to 13 percent undervaluation in their trough (Q1 2012).As of the third quarter, seven of the nation’s top 100 markets were more than 10 percent overvalued, five of which are located in the inventory-starved state of California. The top overvalued market at the moment is Austin (19 percent overvalued), which—like most Texas metros—avoided the worst of the crash and has actually bounced back higher than it was in 2006.On the other hand, while a number of California’s major markets—Los Angeles, Orange County, San Francisco, Riverside-San Bernardino, San Jose, and Oakland—are high on the list of overvalued metros, they’re all still well short of the peaks they hit during the last bubble.What’s more, a scatterplot measure of annual price changes (as of August) suggests little relationship between the most overvalued markets and the markets where prices are rising fastest—a positive sign, says Trulia Chief Economist Jed Kolko.”Price gains in overvalued markets are a sign that we’re headed for danger, while price gains in undervalued markets are probably just a sign of getting back toward normal,” he said.He concluded: “All this means that bubbles should not be our top housing worry today. Our latest Housing Barometer shows that weak construction and subpar young-adult employment are the recovery’s big red flags. By contrast, prices are slowing to a sustainable pace and staying within striking distance of normal.”last_img read more

Grace expects Greinke trade to have emotional impa

first_img Grace expects Greinke trade to have emotional impact Former Cardinals kicker Phil Dawson retires (Tyler Drake/Arizona Sports) Top Stories Derrick Hall satisfied with D-backs’ buying and selling Just don’t be surprised if they turn some heads.Each person will take part in football drills similar to the ones coaches use for player evaluations.But that’s not all.Military members will get to enjoy the rest of the Cardinals practice in luxury thanks to the VIP hospitality area.Following practice, members of the team will make their way over to visit and sign autographs with the group. The Arizona Cardinals are partnering up with the USAA for a great cause.The team will host “USAA’s Salute to Service NFL Boot Camp” for 50 active-duty service members from Luke Air Force Base and the Arizona Army National Guard at University of Phoenix Stadium Thursday, Aug. 2 from 1:00 p.m. to 2:00 p.m.The group will get a firsthand experience of what an NFL player goes through as they make the jump from college to the league. 1 Comments   Share   The 5: Takeaways from the Coyotes’ introduction of Alex Meruelolast_img read more