(FORTUNE Magazine) – THE WEST For years, the region has been paradise for speculators. But the chickens may be coming home to roost.

Metro areas often include surrounding towns and occasionally cross state borders; for the full town listing see fortune.com. As of 2nd quarter 2005.

THE MIDWEST A number of these old-school metro areas were ignored by the frenzy. Their time may finally have come.

THE NORTHEAST Boomtowns like New York and Boston are finally seeing the end of a long, prosperous run. Hello, Rochester!

THE SOUTH The outlook? The region's population continues to grow, the economy is upbeat, and housing is still in demand.

The metro New Orleans estimate reflects the sharp demand for homes outside of the flooded area.