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Analysts told the outlet that US home prices are now priced ahead of what incomes can support, with the overvaluation varying greatly by market.
A market risk assessment found that of roughly 400 metropolitan statistical areas, 67.9 percent were deemed overvalued, Fortune reports.
That’s up from 64.7 percent in April.
Analysts told the outlet that only 24.5 percent of US housing markets are considered “normal” and just 7.6% are undervalued.
Experts also said new and existing home sales are dropping, as are mortgage applications, with inventory quickly rising, Fortune reports.
US home prices are still forecast to rise nearly 6 percent over the next year, but certain regional housing markets face an increased chance of seeing a dip, according to Fortune.
In order, experts told Fortune these "juiced-up" regional housing markets are the most likely to see home prices decline:
- Boise
- Colorado Springs, Colorado
- Las Vegas
- Coeur d’Alene, Idaho
- Tampa
- Atlanta
- Fort Collins, Colorado
- Sherman, Texas
- Jacksonville
- Idaho Falls, Idaho
- Lakeland, Florida
- Greeley, Colorado
- Longview, Washington
- Charleston, South Carolina
- Albany
- Denver
- Clarksville, Tennessee
- Greensboro, North Carolina
- Charlotte
Click here for the full story from Fortune.
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