California and the northeast and Florida, all got the most overpriced and have the furthest to fall. The rest of the southwest also had a pretty big move, but from pretty cheap initial levels and its already fallen back pretty hard. That area is getting reasonable again. Texas always was etc. But plenty of places are still insane. Only 20% of the population can afford the median house price, in half the country. That isn't sustainable, it only got that way on speculative momentum and firehose finance.
The present bubble, though, is in commodities. And it is going to burst, too. Right behind it, third world economies that have been long term basket cases but have recently been charging on hot money running from the dollar.