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No need to fear, a bubble’s not near
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New data from Trulia, an online provider of real estate information for industry professionals, shows that those still reeling from the housing bubble collapse nearly a decade ago can breathe a sigh of relief — even the most overpriced U.S. markets appear to be safe from bubble territory.
The data comes from Trulia’s “Bubble Watch,” which is a quarterly assessment of how home prices currently sit in relation to their historical value. Trulia economists look at price-to-income ratio, price-to-rent ratio and long-term pricing trends to assess where prices sit on a spectrum ranging from undervalued to overvalued.
The second-quarter data shows that home prices are undervalued by 3 percent nationally. To put this in perspective, at the height of the bubble, home prices were overvalued by 39 percent in 2006 and undervalued by as much as 15 percent in the fourth quarter of 2011.
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