Single-family home prices fell 6.7 percent during the first quarter of 2008, marking the third straight quarterly decline, according to Global Insight, an economic analysis consulting firm. In its quarterly House Prices in America study, 262 of the 330 housing markets surveyed experienced declines, accounting for 84 percent of all housing units and 89 percent of real estate value. But only eight housing markets were determined to be overvalued, down from a peak of 53 markets in 2006.
The steepest declines occurred in California, Florida and Michigan, which had 45 of the 50 worst performing metro areas for the period. The top markets with price increases during the first quarter had populations of less than 300,000: Ithaca, N.Y.; Billings, Mont.; Houma, La.; and Odessa, Texas.