A report updated for the first quarter of 2006 shows what areas have the most overvalued housing. You can view the report here. The report says it takes 3 and a half years to correct the overvaluation.
Price Over Valuation
Atlantic City, NJ $254.200 63.9%
Edison, NJ $349.000 33.0%
Newark, NJ $381.900 27.2%
Ocean City, NJ $310.100 54.6%
Trenton, NJ $276.100 15.4%
Vineland, NJ $164.100 30.0%
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