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Updated over 10 years ago,
WSJ article: How to play the real estate market (before it's too late) - Los Angeles (overvalued) - Akron, OH (most undervalued)
Here's an interesting article from the WSJ:
http://online.wsj.com/articles/how-to-play-the-real-estate-market-before-it-s-too-late-1411333001