Global Insight today released it's analysis of data released by the Office of Federal Housing Enterprise Oversight (OFHEO), which covers both regional and national trends in residential real estate pricing. 

The main conclusion of the study is that the overall level of valuation is starting to ease nationwide.  Last quarter 66 metro areas were deemed "extremely overvalued", whereas this quarter only 63 are.  This largely is due to price declines in some high value markets - 76 of the 317 metro areas surveyed experienced price declines during the quarter.  Nationwide, the average rate of appreciation for the quarter was 0.86% - significantly below the historical average. 

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