Bubble Watch” digs into trends that may indicate economic and/or real estate market troubles ahead.

Buzz: The Inland Empire is the nation’s fourth “frothiest” housing market while the rest of California looks far less bubble-ish.

Source: The Bubble Watch Index is my trusty spreadsheet’s analysis of April homebuying data from Zillow and Realtor.com covering 47 big markets. This “bubble watch” scorecard is based on average rankings for overvaluation (listing prices vs. values); overheating (list-price gains vs. value increases); selling speed (days on market vs. a year ago); year’s inventory change; and year’s rent change.

The Trend

The Bubble Watch Index grades the Atlanta metropolitan area ($392,000 median list price) as the nation’s frothiest market followed by Detroit ($285,000); and Jacksonville ($349,000). Next came a tie of Riverside and San Bernardino counties ($512,000) and Tampa-St. Petersburg…

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