Nearly 300 housing markets across the nation were studied just over four years ago by IHS Global Insight and National City Corp (purchased by PNC Financial Services in October of 2008), in an effort to determine where the home prices were overvalued the most. The results showed that 213 cities in America were over priced, and Naples, Collier County, Florida was in the lead with 84% of the homes overvalued!

After a 2010 study by PNC and IHS of 330 markets, only 87 cities are overvalued and Atlantic City, NJ has taken over the top spot with 30.2% of homes valued over fair market price!  Nearly all of today's markets are considered to be undervalued including Florida cities: Cape Coral, Vero Beach and Naples.  Yep, you heard that right, the once "Number one overvalued market" in the country is now the 15th undervalued market in the country.  The report showed that the real estate market in Naples, Florida is now undervalued by 29% with a median sales price of just $165,500!