More housing markets are overvalued, and consumers feel the pain

The steady rise in home prices is so far showing no boundaries, and that is turning up the heat on some already overheated housing markets.

Home prices rose 7 percent nationally in September, compared with September 2016, a higher annual increase than was seen in August, according to CoreLogic, a real estate data firm.

As a result, 48 percent of the nation’s top 50 housing markets are now considered “overvalued,” up from 46 percent in August. A market is considered overvalued when home prices are at least 10 percent higher than the long-term, sustainable level. For the top 100 markets, 36 percent were considered overvalued.

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