Magazine article Mortgage Banking

Austin Tops Overvalued Markets List

Magazine article Mortgage Banking

Austin Tops Overvalued Markets List

Article excerpt

CoreLogic, Irvine, California, released a list of 14 overvalued local housing markets based on data through June 2015, and five of the markets were in the state of Texas. The Austin-Round Rock housing market topped the list, with current prices 31.2 percent above their peak level prior to 2007. Houston came in second, with current home prices 22.7 percent higher than the peak level before 2007.

The CoreLogic Market Condition Indicators found that 14 of the top 100 housing markets in the country are currently overvalued. That was double the number as of the end of the first quarter of this year, the company said.

The other Texas housing markets making the list of overvalued markets were Dallas-Plano-Irving; San Antonio-New Braunfels; and Fort Worth-Arlington. The Dallas market has current prices at 19.6 percent above the peak prior to 2007. San Antonio's current prices are 11.4 percent higher than the peak before 2007. Fort Worth's current prices are 13.2 percent higher than the peak prior to 2007.

CoreLogic ranked the list of 14 markets by how far above long-run sustainable price levels the market's prices currently are. By that measure, Austin's prices are 42.3 percent above the long-term sustainable level. …

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