The degree to which regional home prices were "overvalued" or "undervalued" in 2007, according to Moody's Analytics

Analysis for the first quarter of 2007

IF A HOUSING MARKET HAS A NEGATIVE PERCENTAGE, IT MEANS HOME PRICES THERE ARE LOWER THAN EXPECTED WHEN FACTORING IN LOCAL INCOMES. DATA FOR THE FIRST QUARTER OF 2007.

Map: Lance Lambert SOURCE: MOODY'S ANALYTICS