With a potential housing bubble still a possibility in the minds of a few, analysts at GMAC RFC Securities recently issued a new quantitative measure to determine which metropolitan statistical areas (MSAs) may be subject to a drop in housing values. Their finding: The vast majority of U.S. housing markets have shown no evidence of a housing bubble, the test of GMAC RFC shows.

The persisting question of a housing bubble arises from the persistent asymmetry between the rate of change in housing prices and personal incomes in the country, wrote Michael Youngblood, director of research at GMAC in analysis last week.

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