NEW YORK (CNN/Money) -
Like politics, all real estate is local. The national housing market includes both go-go markets with soaring home values and tamer areas.
A study of the 99 biggest housing markets in the United States has sorted out which is which. The report, by National City Corp., a financial holding company, reveals the extent to which these markets were overheated, underheated, and just right. (See Are you living in a bubble?)
National City found that California was home to the top seven most overvalued real estate markets, with the city of Chico leading the way. A buyer pays a 43 percent premium there. Non-California "bubblette" markets include West Palm Beach, Florida, where the premium is 26 percent, and Las Vegas (24 percent).
The most underpriced market is Salt Lake City, where houses sell at a 23 percent discount to what National City deems the "correct" price. Trailing Salt Lake for the title of biggest bargain: Memphis, at a 20 percent discount and Macon, Georgia, at 17 percent off.
The report judged two cities, Louisville and Tucson, to be priced like Goldilocks' porridge -- just right.