I have no idea how these guys came to their conclusion, but anyway:
After several quarters, the New England housing market no longer appears to be significantly overvalued, according to a report released by Waltham-based Global Insight, a leading company for economic and financial analysis and forecasting. As a result, the likelihood of home prices continuing to decline sharply is minimal.
But, the report actually shows every local market as still being overvalued, just not by as much as last year (2005).
Essex County, 20% overvalued in 2005, 15% overvalued in 2006.
Springfield – 16% overvalued in 2005, 15% overvalued in 2006.
Boston/Quincy – 15% overvalued in 2005, 9% overvalued in 2006.
I guess everything’s relative.
Source: Greater Boston Real Estate Board (1st item)