The fat lady has sung -- Boston is now considered one of the worst real estate markets in the country. Ellen Kratz of Fortune magazine has called Boston one of the seven Dead Zones rating it alongside Las Vegas, Miami, Washington D.C., Phoenix, Sacramento, and San Diego. So you may want to think twice before you decide to sell in any of these cities.

Just how overvalued are homes in Boston? Well, according to Fortune, the average home price is $377.9, although, fair value is around $285.5 which means homes are overpriced by roughly 30%.

Yeah, that's bad. But not as bad as Miami (55% overpriced) or, even worse, San Diego (67% overpriced). Consequently homes sales are dropping, and prices are softening.

With the current shape of the Boston market fueled more and more by speculation (interest rates, middleEast, etc etc), the upside is becoming more evident for buyers. Although, it's difficult to argue Boston has now become a buyer's market, there are definitely a lot of 'deals' popping up, especially for those looking to buy single-family homes.

Elsewhere in the country... New Mexico, Louisiana, Montana and Mississippi, are heating up with sales up more than 15% in each of those states. Lookout for more action in these states, in the upcoming months.