BOSTON ( TheStreet) -- Some U.S. housing markets still offer big bargains even though asking prices have risen 8.3% nationwide over the past year, market tracker Trulia.com says.
"Prices fell so much after the housing bubble burst that we're still in rebound mode," said Jed Kolko, Trulia's chief economist.
Trulia recently analyzed two key housing-market measures -- price-to-income ratio and price-to-rent ratio -- to see how current home values in the 100 largest U.S. cities compare with historic norms.
While the study concluded that nine markets have become overpriced, Trulia found that America's 91 other major cities remain undervalued by as much as 24%.Trulia's research shows that the Sun Belt and the Midwest's Rust Belt offer many of America's biggest discounts. Kolko says lots of Sun Belt cities top the list because they "had a big price bubble