National City Corp., the Cleveland-based banking company, and market researcher Global Insight are out today with the latest edition of their widely watched quarterly report on overvalued housing markets. It finds that 71 markets, representing 39% of the value of single-family homes in the U.S., were "extremely overvalued" in the first quarter of 2006. As recently as the first quarter of 2004, only three markets representing 1% of total home value were considered extremely overvalued. California and Florida account for 17 of the 20 most overvalued markets.
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