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Your housing market overvalued?

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The Columbus Dispatch : Ohio housing bubble called a myth
Ohio's rise in foreclosures and slip in housing values can't be blamed on a housing bubble, says the Federal Reserve Bank of Cleveland. That's because the state never had a bubble.
Instead, Ohio's problems are rooted in long-term economic challenges coupled with easy credit, according to a report released yesterday.
"It wasn't a housing boom in Ohio; it was a credit boom," said Emre Ergungor, a senior research economist with the Cleveland Fed. "The growth in credit still supported home prices, but of course we didn't get a boom by California or Florida standards."
At the peak of the national bubble, 2003 to 2005, Ohio's home values rose 3 percent to 4 percent a year, compared with 14 percent to 21 percent a year in California and 12 percent to 27 percent a year in Florida, according to the Federal Housing Finance Agency.

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