Dive Brief:

• An analysis of U.S. housing markets by Trulia says things are generally fine with U.S. prices, but it does find some overheated markets, and eight out of 10 are in California, so there is enough of an echo of 2006 to give some people pause.
• The first, third and fourth most-overvalued markets, based on asking prices and area incomes and rents, are Orange County, Los Angeles and San Bernadine-Riverside, California, by Trulia's figuring.
• Nationally, the housing market is 3% under what Trulia thinks is the right number, and the two most undervalued areas in the analysis – Akron and Cleveland, Ohio – are 21% below what otherwise makes sense.

Dive Insight:

There are two things to keep in mind when these stories pop up. One is that the worries could be justified, though lending is a different world than it was the last time. The other is that the news media would hate to get caught missing the same story twice, and a housing pull-back is no exception.