Cities Where Housing Bubbles Could Be Starting to Form

There are rumblings in the real estate world about whether we're entering another housing market bubble. We took a look recently at California and whether some frenzied homebuying activity there is a sign that a bubble is returning. The consensus remains that, on a national level, no, we are not in a housing bubble -- yet. But there are cities that could be seeing the beginning of one.

According to real estate firm Redfin, the markets in four large metros are showing the kinds of overheating that typically lead to a housing bubble, though it's not necessarily safe to say that a housing bubble is happening just yet. In these areas, home prices are rising fast and listings are getting multiple offers. But Redfin also noted that a national housing bubble is not a concern right now. One of the major reasons for that, the online real estate brokerage said, is because home prices are not widely outpacing income levels. If they were, it would be a true sign of a housing bubble. Also, as many others have noted, the type of sketchy home financing that was prevalent during the last housing bubble is not available today.

Still, there are certain areas where the housing market's recovery has been so fast and furious that it raises concern that a bubble is forming. Click through the gallery below to see Redfin's most and least "bubbly" cities in America right now.

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See more on housing bubbles:
Is California's Wild Housing Market a Sign of a Bubble?
4 Current Myths About the Real Estate Market
Another Housing Bubble? Recovery Shows Dangerous Signs, Reports Say

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