City National Bank has a great annual report that indicates the home price over or under-valuation in various cities through the country. I used this as a basis for my research into investing in states like Texas and Utah 2 years ago.
However, its not the last word when it comes to investing. You want to check other values like job growth, population growth and very importantly historic market trends in that area. I found that Utah had a historically inverse cycle to that of California.
I decided against Texas for a variety of reasons and chose Utah instead. Make sure you do your own research and never solely rely on someone else's judgement.
You can read the complete 27 report here.
http://snipurl.com/home_prices_in_2006
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