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Over-value

How much is something worth? goes the old question. However much someone will pay, goes the traditional answer – except in recent years, as we know, in the case of the housing market, where prices ran up massively higher than people (viewed in aggregate) were able, at least, to pay; an increasingly, willing, too.

Washington and Oregon were among the relative latecomers to the mass housing price rampup, and they apparently are a little slower than some to slide back down. They have been sliding down, but indications are that they have a ways to go.

The consulting firms IHS Global Insight and The PNC Financial Services Group, Inc. today released studies indicating which housing markets around the country remain most overvalued, and Washington and Oregon are high on the list.

The Seattle Post-Intelligencer pulled out the numbers and said that of 330 metros analyzed, Seattle ranked 35th in the country, although “The report put the average house price at $366,500 in the Seattle area, down 1.6 percent from the previous quarter. Wenatchee and Longview were third and fourth on the overvalued list, with Bend, Ore., Bellingham and the Portland area (including Vancouver) seventh, eighth and ninth. Others in the top 26 were Mount Vernon (18th), Spokane (20th), Yakima (23rd) and Olympia (24th), in Washington, and Eugene (12th), Salem (16th), Corvalis (25th) and Medford (26th), in Oregon. The Tacoma area was 31st.”

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