Bubble Cities

So where are thes bubble cities we talk about? Where is the froth that Al Greenspan has reluctantly acknowledged? Here is my list of the bubble cities (cities where price declines are likely be greater then 20% over the course of 3 years (inflation adjusted )):

• Bakersfield
  
• San Diego
• Merced
• Fresno
  
• San Francisco
• Pheonix
• Las Vegas
• Reno
• Sacramento
• LA
• Portland
  
• Miami
• Naples, FL
• Tampa Bay, FL
• Daytona Beach, FL
• Jacksonville
  
• Boston
• NYC
• Baltimore
• Philadelphia
• Providence
  
• Honolulu

There are more bubble cities that are not on this list. The other unknown variable is that once the housing bubble starts bursting in the bubble cities, the economy is highly likely to spin into a recession. That could cause price declines even in non bubble markets.