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Report: Homes Overvalued; No Crash Coming

Mind-boggling news: Los Angeles homes are overvalued by 52.1 percent, according to a new report. Not just 52 percent, mind you, but 52.1 percent. The story looks at unhappy couple Ron and Diane Golden who cannot sell their four-bedroom home in Granada Hills despite vigorous rug shampooing efforts. The home, now listed for $749,000 by Coldwell Banker, has fallen out of escrow six times. (We're going to go look in MLS for that house now.) So is the market gonna crash or what? The author of the report predicts prices will fall 10-20 percent, but Jack Kyser disagrees and says "the correction will be slim."
· Report: L.A. homes priced too high [Daily News]