13 Housing Markets Overvalued Based On Fundamental And Speculative Metrics
from CoreLogic
– this post authored by Mark Liu
In Part I [1] of this series we evaluated the top 100 Core Based Statistical Areas (CBSAs) using CoreLogic Market Condition Indicators (price-to-income) and the price-to-rent metrics which classified 21 markets as overvalued. Figure 1 shows the distribution of these CBSAs. According to Joseph Stiglitz’s (1990) [2] definition of a bubble, besides the fundamental drivers, we also need to find metrics to capture the speculative belief that “selling price is high tomorrow.”
Source: http://econintersect.com/pages/contributors/contributor.php?post=201610110446
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