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Forbes releases list of most overpriced cities

Forbes recently released its list of the most overpriced cities in America.

Forbes recently released its list of the most overpriced cities in America.

Americans thinking of moving out of state might want to read Forbes' list of America's Most Overpriced Cities in 2012 to avoid paying too much for relocation cost.

Housing and the economy in Texas was the most noticeable trend in the list, considering the state has emerged from the recession without being affected as badly as the rest of the country. Houston, San Antonio and Austin never reported a downturn in property values, but were beat out by El Paso and McAllen, Texas, which were Nos. 7 and 4, respectively, on the list.

San Jose, California, and Brandenton, Florida, tied for No. 8 on the list with the unemployment rate in San Jose at 9.8 percent and 10.5 percent in Bradenton.

Honolulu, Hawaii, was tied with El Paso for No. 7, reporting a low unemployment rate of 5.7 percent, but low housing affordability numbers of 40 percent. West Palm Beach, Florida, was rated sixth and Providence, Rhode Island, No. 5. Both cities reported unemployment rates above 10 percent and some of the lowest median salaries for college graduates.

Miami; Fresno, California; and Los Angeles rounded out the list, coming in at Nos. 3, 2 and 1, respectively.

With the U.S. housing market still in a slump, government officials are calling for more lenient lending from banks, which might make living in these cities more feasible for Americans.