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What's happening in this local housing market? Help coauthor a quick summary here:
Sales trend:
Price trend:
Inventory:
Providence-New Bedford-Fall River, RI-MA has a 56.8% chance of a decline in home prices over the next two years according to PMI Mortgage Insurance Co., one of 13 markets nationwide that "face a 50% or greater risk" of decline.
$279,000 median sales price
32.2% overvalued
Just below the 34.4% threshold to be 1 of 71 "Extremely overvalued"
Source: Overvalued Housing Market? Depends Where You Live
Where are prices falling in the market?
Price decline: 11%
Duration: 5.5 years (22 quarters)
Period: 1989Q4-1995Q1
Overvaluation prior to price correction: 20%
Valuation peak: 1988Q1
US News & World Report: Housing bubble correction could be severe
Where did prices fall in the last price correction?
None presently?