Smart Money magazine released it's lastest "most overvauled" housing cities. They looked at 152 markets (San Jose & SF in top 20).

Here are the most overvalued areas (guess which state dominates the list?)!...
1) Naples, FL
2) Miami, FL
3) Santa Barbara
4) Riverside-San Bernardino
5) Modesto
6) Salinas
7) Stockton
8) Los Angeles
9) Merced
10) Port St. Lucie-Fort Pierce, FL
11) San Jose
12) Sarasota-Venice, FL
13) San Diego
14) Fresno
15) Vallejo-Fairfield
16) Ventura
17) Fort Myers, FL
18) San Francisco
19) Vero Beach, FL
20) Atlantic City, NJ

13 of the Top-20 are in California! WOW!

Read the article here