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What's happening in this local housing market? Help coauthor a quick summary here:
Sales trend:
Price trend:
Inventory:
San Jose-Sunnyvale-Santa Clara, CA has a 55.9% 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.
$683,900 median sales price
44.3% overvalued
Classification: One of 71 "Extremely overvalued" housing markets nationwide
Source: Overvalued Housing Market? Depends Where You Live
Where are prices falling in the current market?
Price decline: 11%
Duration: 4.75 years (19 quarters)
Period: 1989Q4-1994Q2
Overvaluation prior to price correction: 28%
Valuation peak: 1989Q3
US News & World Report: Housing bubble correction could be severe
Where did prices fall in the last price correction?