Fifth-most-undervalued market: Cleveland
How much prices lag fundamentals: 20.5%
Home sellers in the Rock and Roll Hall of Fame's hometown are definitely singing the blues these days -- good news for would-be buyers.
Trulia estimates that Cleveland's home prices, which peaked at 21% above fair value in 2005, have fallen to 20.5% below where fundamentals suggest they should be.But buyers beware: Kolko doesn't expect a turnaround anytime soon. "We're not likely to see strong home-price appreciation in the Rust Belt areas