Of 11 large metro areas in California, eight are overvalued when historical prices, incomes and rents are considered, according to Trulia’s quarterly “Bubble Watch.”

Of the top 10 overvalued metros nationwide, six are in California, with Orange County and Los Angeles heading the list at 16 percent and 13 percent, respectively, above their fundamental value.

But there’s no national bubble in the offing, according to Trulia’s Jed Kolko: Home prices nationally are estimated to be 5 percent undervalued this quarter. By contrast, at the height of the most recent housing bubble, all of the nation’s 100 largest metros were overvalued, 91 of them by more than 10 percent.

Source: Trulia

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