PHILADELPHIA (CBS) – Looking to buy a home in Philadelphia? According to a new report, it is one of the top 10 most overvalued housing markets in America.
The report was released by real estate analytics firm CoreLogic.READ MORE: Missing 6-Year-Old Found Safe, Stolen Vehicle Found In Checkers Parking Lot, Police Say
Researchers say overvalued housing markets have prices that are 10 percent or more above the long-term sustainable level.READ MORE: US Surgeon General Warns About 'Devastating' Mental Health Problems On Rise Among America's Youth
As for Philadelphia, the report finds,“Home prices have ascended rapidly in the Philly area (up 16.7% since early 2014, which means it has the fastest home price appreciation of any town on this top-10 list), and now they are priced at 14.2% over sustainable levels.”
Researchers examined market data from the first half of 2015 for the report. Philly was ranked eighth.MORE NEWS: Student With Weapon Prompted Lawrence High School To Enter Lockdown, Officials Say
To see the full top 10 list, click here.