The most overpriced housing markets

How does your area rank? The quarterly report from Local Market Monitor research group ranks 100 real estate markets on whether they are overvalued or not. The measurement compares the selling price of an area to a "equilibrium" value. The good news is that the number of overpriced markets are on the decline, with 56 of the 100 markets being fairly priced.

California continues to push the envelope hosting nine of the top ten overpriced markets. Santa Barbara leads the charge where the homes are about 80% overpriced. Florida is making a push with Naples posting a strong number two on the list.

Your best bargains are in Texas, with El Paso, McAllen at the bottom of the list and Dallas, Houston and Brownsville not far off.

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