There's a good article to read over at Fortune from earlier this week...

In a nutshell...

[1]  Moody's Analytics believes the housing boom will wind down in the coming year, perhaps leading to no year-over-year home price growth a year from now.

[2]  Zandi, chief economist at Moody's, does not think we will see large price corrections, but some markets might.

[3]  Moody's ran an analysis of local housing markets within the context of local income levels to estimate which markets might be overvalued.

[4]  Of the 392 metropolitan statistical areas they studied, 149 markets are overvalued by at least 25%... with a high of 73% in Boise.

As you can see from the map above (embedded in the article at the link above) the analysis by Moody's indicates that the Harrisonburg market may be 9% overvalued within the context of income.

Read the entire article for much more commentary and further insights...