According to IHS Global Insight’s updated quarterly study of housing prices, the market is nearing stabilization after prices declined an average of 37 percent in overvalued metropolitan areas since 2005. The study, which looks at the 330 largest metro areas, concluded that two years of drastic price depreciation ended last summer and, by the end of 2009, there were no extremely overvalued areas and, in fact, the housing market is now slightly undervalued overall. In 2005, IHS warned of a looming price collapse based on finding 52 extremely overvalued U.S. markets. James Diffley, group managing director of the IHS regional services group, said that the collapse has now been borne out. Highlights here. More here.