But, who wants Texas?

CNN presented another side of the National City Corp. analysis that said 31 percent of the nation's housing markets were "extremely overvalued." The silver lining? Texas is home to some of the most undervalued markets.

From CNN:

Richard DeKaser, chief economist of financial services company National City Corporation, recently studied 299 U.S. housing markets, assigning relative valuations based on historical prices in the region, income, population density, and interest rates.

DeKaser found that six of the ten least overpriced markets were in Texas.

College Station -- where DeKaser deems prices are 19 percent below their "appropriate" value --finished dead last.

Other Texas cities in the bottom 10 include El Paso, Odessa, Killeen, and Beaumont.

Dallas was the biggest metro area (more than 5 million) among the lowest ranked cities. Its houses were judged undervalued by 11 percent.