Western Washington Housing Still Overvalued
According to National City, a financial services group, many areas of the country still have housing that is overvalued by historical standards. According to their model, Western Washington is one of the most overvalued areas of the country.
An unflattering list says Western Washington is now home to some of the most overvalued real estate in the nation.
The financial services group – National City – found that home prices are falling sharply in most of the country, but the bubble hasn’t burst in the Northwest.
From Olympia to Bellingham, National City says home prices are overvalued from 29 percent on the low end to 44 percent at the high end in Bellingham, which is the 5th most overvalued market in the nation.
National City rates Mount Vernon the 13th most overvalued out of the 330 it tracks across the country.
The most overvalued city in the nation, according to that survey, is Bend, Oregon.
There is also a map that visually shows relative home valuations around the country and also the historical data upon which the ratings are based.
According to National City, Seattle homes are 30.7% overvalued which they call “moderately overvalued.”
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