How overvalued are Michigan's real estate markets?

All of Michigan's Core Based Statistical Areas are overvalued when it comes to housing prices, according to Moody's Analytics.

Moody’s estimates overvaluation by comparing home prices to its long-run equilibrium home value. This equilibrium home value, or fundamental value, is determined by estimating the long-run statistical relationship between house prices and per capita wage and salary income. House prices that exceed their fundamental value by more than 20% are considered extremely overvalued.

Map: Taylor DesOrmeau Source: Moody's Analytics Get the data