How is Real Estate Nationwide?

CNN Money suggests that roughly sixty five of the countries largest real estate markets are still overpriced and will have to correct their prices. Naples Florida is listed as the most overvalued of the real estate markets that were examined. This data is provided by National City Corporation which looks at each towns economic factors, interest rates, population densities, and levels of income. Merced, California, Salinas, California, and Port St Lucie, Florida are also listed as being very overpriced. Texas showed the most undervalued markets.
The difficult thing to grasp is that most of these studies are done purely based on number crunching. One must take into account natural factors that make a place desirable. Does it have mountains, lakes, ocean, history? These are all factors that influence people's home buying and selling decisions. Three of Charleston's most desirable attributes are the ocean, the historical nature of the area, world class golf, and that it is a good decent sized city with a small town feel.