Home prices in extremely overvalued U.S. metropolitan areas declined nearly 37 percent on average between 2005 and the fourth quarter 2009, according to IHS Global Insight.

At the peak of the bubble, nearly half of the metros in IHS’ study were considered “overvalued.” Now, not a single market can make that claim. In fact, nationally, the company says housing is 8.9 percent undervalued. And new data from Altos Research suggests that prices in many of the hardest-hit markets are still on a slippery downward slope.
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