Survey: City’s housing market way overvalued

The New York City area has one of the most overvalued housing markets in the United States, according to a recent survey that ranked the nation’s 299 most overvalued and undervalued markets. The New York area’s housing is 27 percent overvalued, putting it on a possible collision course with a major pricing correction, the survey by financial firm National City Corp. concluded. At 84 percent, Naples, Fla., was the most overvalued housing market, and the Newark, NJ, market tied with New York in the ranking. more [CNN/Money]