Video: Homes still overvalued in some places

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SEATTLE - The signs of Western Washington's slowing housing market are out there. Everywhere, you see houses that have been on the market for a while.

And just when you thought the housing market couldn't get any worse, some local cities come under scrutiny for their home prices.

An unflattering list says Western Washington is now home to some of the most overvalued real estate in the nation.

The financial services group – National City – found that home prices are falling sharply in most of the country, but the bubble hasn't burst in the Northwest.

From Olympia to Bellingham, National City says home prices are overvalued from 29 percent on the low end to 44 percent at the high end in Bellingham, which is the 5th most overvalued market in the nation.

National City rates Mount Vernon the 13th most overvalued out of the 330 it tracks across the country.

The most overvalued city in the nation, according to that survey, is Bend, Oregon.

And the 10 best values can be found in Texas and Louisiana.