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Photo: Scott Olson / Getty Images Image 1 of / 15 Caption Close Image 2 of 15 El Paso, Texas: -8 percent El Paso, Texas: -8 percent Photo: Nick de la Torre / Houston Chronicle Image 3 of 15 Tulsa, Okla.: -8 percent Tulsa, Okla.: -8 percent Photo: STEPHEN HOLMAN / AP Image 4 of 15 Baton Rouge, La.: -7 percent Baton Rouge, La.: -7 percent Photo: ROBERT SULLIVAN / AFP/Getty Images Image 5 of 15 Image 6 of 15 Alburquerque, N.M.: -6 percent Alburquerque, N.M.: -6 percent Photo: Ursula Coyote/AMC Image 7 of 15 Oklahoma City, Okla.: -3 percent Oklahoma City, Okla.: -3 percent Photo: BILL WAUGH / AP Image 8 of 15 New Orleans, La.: -1 percent New Orleans, La.: -1 percent Photo: G. ANDREW BOYD Image 9 of 15 Fort Worth, Texas: -2 percent Fort Worth, Texas: -2 percent Photo: Fort Worth Convention & Visitors Image 10 of 15 Image 11 of 15 Dallas, Texas: 0 percent Dallas, Texas: 0 percent Photo: Bill Montgomery / Houston Chronicle Image 12 of 15 Houston, Texas: 2 percent Houston, Texas: 2 percent Photo: Brett Coomer / Houston Chronicle Image 13 of 15 San Antonio, Texas: 2 percent San Antonio, Texas: 2 percent Photo: Smiley N. Pool / Houston Chronicle Image 14 of 15 Austin, Texas: 11 percent Austin, Texas: 11 percent Photo: Rodolfo Gonzalez / Associated Press Image 15 of 15 Is Houston headed for a real estate bubble? 1 / 15 Back to Gallery

Houston is one of 19 U.S. metros where home prices are overvalued, according to a new report from real estate website Trulia.com.

At just 2 percent, however, this area is on the low end of the spectrum. By comparison, prices in Orange County, Calif., and Honolulu are overvalued by 16 percent and 13 percent, respectively.

The data show Houston-area home prices rising 11.5 percent over the past year, helping push this market into overvalued territory. Trulia also looks at historical prices, incomes and rents when making its determinations.

“The more prices are overvalued relative to fundamentals, the closer we are to a housing bubble – and the bigger the risk of a future price crash,” according to the report.

Trulia economist and author of the report Jed Kolko is more concerned about specific markets than the country on the whole.

Although national home prices have risen considerably over the past couple years, they’re still 5 percent undervalued relative to long-term fundamentals, he said. At the market’s peak, home prices were 39 percent overvalued. At the bottom, prices were 15 percent undervalued.

Still, more markets are overvalued than any time since 2009. In Texas, three of the four largest metros are overvalued, with Austin being the highest at 11 percent.

Here’s the full list of metros:

Trulia Bubble Watch