Mortgage brokers, mortgage agents, and mortgage lending

If you watched national news or read the newspapers right now, there is a ton of stories regarding the housing market. Have you wondered where are the overpriced home and are there many of them? According to an article I read tonight, Santa Barbara is the most overpriced housing market. It is about 80 percent more than it should be. I would love to know how that happened. Is this one of those where the appraisals were fudged just a little bit?   Fayetteville, N.C. is the most undervalued. Supposedly it is 21 percent below equilibrium. There was a lot of flooding and tornadoes in North Carolina last year, could the reason be they are still rebuilding from damages?