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What's happening in this local housing market? Help coauthor a quick summary here:
Sales trend:
Price trend:
Inventory:
Sacramento-Arden-Arcade-Roseville, CA has a 58.5% 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.
$372,200 median sales price
53.6% overvalued
Classification: "Extremely overvalued"
Source: Overvalued Housing Market? Depends Where You Live
Where are prices falling in the current market?
Price decline: 17%
Duration: 5.75 years (23 quarters)
Period: 1991Q1-1996Q3
Overvaluation prior to price correction: 17%
Valuation peak: 1990Q3
US News & World Report: Housing bubble correction could be severe
Where did prices fall in the last price correction?