This just in from John Burns Real Estate Consulting. Giving it to you unedited:

84% of Markets Are Overpriced
Of the 100 largest metropolitan areas (based on annual permit activity):

Only 13 markets are below their historical median affordability level, 3 are exactly at their median and 84 are above the median.

The four markets that have remained very inexpensive are Cincinnati, Indianapolis, Cleveland and Pittsburgh.

Nine markets have even worse affordability levels than when mortgage rates were 18%+ in the early 1980s: New York, Washington, D.C., Los Angeles, Seattle, Portland (Oregon), Baltimore, Edison (New Jersey), Nassau (New York) and Naples.

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