Single-family home prices are "extremely overvalued" in 53 cities that make up nearly a third of the overall U.S. housing market, putting them at high risk of price declines, according to a study released today.

The report, by Richard DeKaser, chief economist of National City Corp., examined 299 metro areas accounting for 80% of the U.S. housing market.
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This is the list sorted by how much houses in that market are over or undervalued.

1 Santa Barbara, Calif. 69%
2 Salinas, Calif. 67%
3 Naples, Fla. 62%
4 Riverside, Calif. 60%
5 Merced, Calif. 59%
6 Stockton, Calif. 58%
7 Port St. Lucie, Fla. 58%
8 Madera, Calif. 57%
9 Napa, Calif. 57%
10 Medford, Ore. 55%
11 Sacramento, Calif. 54%
12 Modesto, Calif. 53%
13 San Diego, Calif. 53%
14 Santa Rosa, Calif. 52%
15 Chico, Calif. 52%
16 Barnstable Town, Mass. 50%
17 San Luis Obispo, Calif. 49%
18 Oxnard, Calif. 48%
19 Fresno, Calif. 48%
20 Los Angeles, Calif. 48%
21 Miami, Fla. 46%
22 West Palm Beach, Fla. 46%
23 Vallejo, Calif. 45%
24 Ocean City, N.J. 45%
25 Bend, Ore. 45%
26 Sarasota, Fla. 45%
27 Redding, Calif. 44%
28 Fort Lauderdale, Fla. 43%
29 Nassau-Suffolk, N.Y. 42%
30 Santa Ana, Calif. 41%
31 Atlantic City, N.J. 41%
32 Bakersfield, Calif. 40%
33 Oakland, Calif. 39%
34 Santa Cruz, Calif. 39%
35 Palm Bay, Fla. 38%
36 Las Vegas, Nev. 38%
37 Poughkeepsie, N.Y. 37%
38 Vero Beach, Fla. 37%
39 San Jose, Calif. 36%
40 Bellingham, Wash. 35%
41 Panama City, Fla. 35%
42 Calif.pe Coral, Fla. 35%
43 Providence, R.I. 34%
44 Reno, Nev. 33%
45 Kingston, N.Y. 32%
46 Visalia, Calif. 32%
47 Deltona, Fla. 31%
48 Boston, Mass. 31%
49 Washington D.C. 31%
50 Essex County, Mass. 30%
51 San Francisco, Calif. 30%
52 Prescott, Ariz. 30%
53 Duluth, Minn. 30%
54 Portland, Ore. 29%
55 Eugene, Ore. 29%
56 Worcester, Mass. 28%
57 Bay City, Mich. 27%
58 Tampa, Fla. 27%
59 Edison, N.J. 27%
60 Bethesda, Md. 27%
61 Minneapolis, Minn. 27%
62 Grand Junction, Colo. 27%
63 Fort Walton Beach, Fla. 27%
64 Flint, Mich. 27%
65 Monroe, Mich. 26%
66 Jackson, Mich. 25%
67 Portland, Maine 25%
68 New York, N.Y. 25%
69 Asheville, N.C. 25%
70 Cambridge, Mass. 24%
71 Charlottesville, Va. 24%
72 Greeley, Colo. 24%
73 Charleston, S.C. 24%
74 Jacksonville, Fla. 24%
75 Holland, Mich. 23%
76 Newark, N.J. 23%
77 Honolulu, Hawaii 23%
78 Boulder, Colo. 23%
79 Santa Fe, N.M. 22%
80 Baltimore, Md. 22%
81 Salem, Ore. 22%
82 Virginia Beach, Va. 21%
83 Battle Creek, Mich. 21%
84 Manchester, N.H. 21%
85 Springfield, Mass. 20%
86 Seattle, Wash. 20%
87 Detroit, Mich. 20%
88 Ocala, Fla. 20%
89 Lansing, Mich. 20%
90 Pensacola, Fla. 19%
91 Chicago, Ill. 19%
92 Savannah, Ga. 19%
93 Niles, Mich. 19%
94 Orlando, Fla. 19%
95 Rockingham, N.H. 19%
96 Brunswick, Ga. 19%
97 Gainesville, Fla. 18%
98 Wilmington, N.C. 18%
99 Tallahassee, Fla. 18%
100 Tacoma, Wash. 18%
101 Ann Arbor, Mich. 18%
102 Olympia, Wash. 18%
103 Warren, Mich. 17%
104 Longview, Wash. 17%
105 Casper, Wyo. 17%
106 Racine, Wis. 17%
107 Bremerton, Wash. 17%
108 Phoenix, Ariz. 17%
109 Eau Claire, Wis. 16%
110 Corvallis, Ore. 16%
111 St. George, Utah 16%
112 Flagstaff, Ariz. 16%
113 Saginaw, Mich. 16%
114 Muskegon, Mich. 15%
115 Trenton, N.J. 15%
116 Denver, Colo. 15%
117 Mount Vernon, Wash. 15%
118 Fort Collins, Colo. 15%
119 Tucson, Ariz. 15%
120 Camden, N.J. 15%
121 Norwich, Conn. 14%
122 Lake-Kenosha, Ill.-Wis. 14%
123 Richmond, Va. 14%
124 Milwaukee, Wis. 13%
125 Anchorage, Ala. 13%
126 Grand Rapids, Mich. 13%
127 Madison, Wis. 13%
128 Michigan City, Ind. 12%
129 La Crosse, Wis. 12%
130 York, Pa. 12%
131 Farmington, N.M. 12%
132 Rockford, Ill. 12%
133 Kalamazoo, Mich. 12%
134 Canton, Ohio 11%
135 Colorado Springs, Colo. 11%
136 Gainesville, Ga. 11%
137 Burlington, Vt. 11%
138 Philadelphia, Pa. 11%
139 Lakeland, Fla. 11%
140 Waterloo, Iowa 10%
141 Wilmington, Del. 10%
142 Pittsfield, Mass. 10%
143 Lynchburg, Va. 10%
144 Dalton, Ga. 10%
145 Dubuque, Iowa 10%
146 Toledo, Ohio 10%
147 Hickory, N.C. 10%
148 Vineland, N.J. 9%
149 Janesville, Wis. 9%
150 Roanoke, Va. 9%
151 Peoria, Ill. 9%
152 St. Joseph, Mo. 9%
153 New Haven, Conn. 9%
154 Fayetteville, Ark. 9%
155 St. Louis, Mo. 9%
156 Mansfield, Ohio 8%
157 Harrisonburg, Va. 8%
158 Billings, Mont. 8%
159 Davenport, Iowa 8%
160 Albany, N.Y. 8%
161 Allentown, Pa. 7%
162 Spokane, Wash. 7%
163 Springfield, Ohio 7%
164 Kansas City, Mo.-Kan. 7%
165 Reading, Pa. 7%
166 Cleveland, Ohio 7%
167 Burlington, N.C. 7%
168 Pueblo, Colo. 7%
169 Erie, Pa. 6%
170 Yakima, Wash. 6%
171 Green Bay, Wis. 6%
172 Lancaster, Pa. 6%
173 Sheboygan, WI 6%
174 Youngstown, Ohio 6%
175 Wenatchee, Wash. 6%
176 Gary, Ind. 5%
177 Athens, Ga. 5%
178 Topeka, Kan. 5%
179 Cheyenne, Wyo. 5%
180 Durham, N.C. 5%
181 Fond du Lac,W is. 4%
182 Atlanta, Ga. 4%
183 Champaign, Ill. 4%
184 Bridgeport, Conn. 4%
185 Hartford, Conn. 4%
186 Boise City, Idaho 4%
187 Sandusky, Ohio 3%
188 Akron, Ohio 3%
189 Columbus, Ohio 3%
190 Omaha, Neb. 3%
191 Salt Lake City, Utah 3%
192 Wausau, Wis. 3%
193 Lawrence, Kan. 3%
194 Kennewick, Wash. 3%
195 New Orleans, La. 3%
196 Rochester, Minn. 2%
197 Anderson, Ind. 2%
198 Chattanooga, Tenn. 2%
199 Lima, Ohio 2%
200 Amarillo, Texas 2%
201 Spartanburg, S.C. 2%
202 Florence, S.C. 1%
203 Bloomington, Ind. 1%
204 Louisville, Ky. 1%
205 Raleigh, N.C. 1%
206 Provo, Utah 1%
207 Lexington, Ky. 1%
208 Ogden, Utah 1%
209 Winston-Salem, N.C. 1%
210 Cincinnati, Ohio 1%
211 Appleton, Wis. 1%
212 Columbia, Mo. 1%
213 Cedar Rapids, Iowa 1%
214 Houma, La. 1%

Priced correctly
215 Lafayette, La. 0%
216 Columbia, S.C. 0%
217 Greenville, S..C 0%
218 Greensboro, N.C. 0%
219 Dayton, Ohio 0%
220 Oshkosh, Wis. 0%
221 Utica, N.Y. 0%
222 Decatur, Ill. 0%
223 Lincoln, Neb. 0%

Undervalued
224 Scranton, Pa. -1%
225 Pittsburgh, Pa. -1%
226 Monroe, La. -1%
227 Las Cruces, N.M. -1%
228 Knoxville, Tenn. -1%
229 Harrisburg, Pa. -1%
230 Des Moines, Iowa -1%
231 Fargo, N.D. -2%
232 Greenville, N.C. -2%
233 Sioux Falls, S.D. -2%
234 Charlotte, N.C. -2%
235 Baton Rouge, La. -2%
236 Rocky Mount, N.C. -2%
237 Sherman, Texas -3%
238 Bloomington, Ill. -3%
239 Albany, Ga. -3%
240 Kokomo, Ind. -3%
241 Nashville, Tenn. -3%
242 Owensboro, Ky. -3%
243 Albuquerque, N.M. -3%
244 Jefferson City, Mo. -3%
245 Evansville, Ind. -3%
246 Columbus, Ind. -3%
247 Lubbock, Texas -3%
248 Waco, Texas -4%
249 Augusta, Ga. -4%
250 Columbus, Ga. -4%
251 Warner Robins, Ga. -4%
252 Idaho Falls, Idaho -4%
253 Wichita, Kan. -4%
254 Iowa City, Iowa -4%
255 Bowling Green, Ky. -4%
256 Tyler, Texas -4%
257 Birmingham, Ala. -4%
258 Springfield, Ill. -4%
259 Buffalo, N.Y. -5%
260 Corpus Christi, Texas -5%
261 Macon, Ga. -5%
262 Austin, Texas -5%
263 Syracuse, N.Y. -5%
264 Fort Wayne, Ind. -6%
265 Tulsa, Okla. -6%
266 Fort Smith, Ark. -6%
267 Binghamton, .NY. -6%
268 Abilene, Texas -6%
269 Alexandria, La. -6%
270 San Angelo, Texas -6%
271 Indianapolis, Ind. -6%
272 Hattiesburg, Miss. -6%
273 Midland, Texas -6%
274 South Bend, Ind. -6%
275 Oklahoma City, Okla. -7%
276 Springfield, Mo. -7%
277 Mobile, Ala. -7%
278 Shreveport, La. -7%
279 DeCalif.tur, Ala. -7%
280 Little Rock, Ark. -8%
281 Bismarck, N.D. -8%
282 Houston, Texas -8%
283 Lafayette, Ind. -9%
284 Jackson, Miss. -9%
285 Charleston, W.V. -10%
286 Fort Worth, Texas -10%
287 Rochester, N.Y. -10%
288 Longview, Texas -10%
289 San Antonio, Texas -10%
290 Elkhart, Ind. -11%
291 Dallas, Texas -11%
292 Memphis, Tenn. -11%
293 Huntsville, Ala. -11%
294 Beaumont, Texas -12%
295 Killeen, Texas -13%
296 Odessa, Texas -14%
297 Montgomery, Ala. -15%
298 El Paso, Texas -17%
299 College Station, Texas -19%