NEW YORK (MainStreet) -- Property values are slowly recovering from the recent real estate bust, but here is a look at communities that market-watcher RealtyTrac says have already developed fresh housing bubbles.
"These are markets that we can say are firmly back in bubble territory," says Daren Blomquist of RealtyTrac, which analyzed hundreds of counties to measure each one's bubble risks.
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The firm looked at how today's median prices, local incomes and foreclosure rates in various communities compare with peak levels during the housing boom, when prices rose nationwide from about 1998 to as late as 2008 in some locales.
The markets are Boston/Suffolk County, Mass.; Birmingham/Jefferson County, Ala.; College Station/Brazos County, Texas; Clarksville/Montgomery County, Tenn.; and Austin/Travis County, Texas.