Most experts agree that the so-called housing bubble is primarily on the coastlines of America, with the most impact in beach areas of Florida and California, and the revolving job centers of Washington, D.C. and New York.

Many areas have posted double-digit housing gains for several years, making a lot of homebuyers wealthy. This has fueled an investor's market where over one-third of the homes bought in the nation in the last year are owned by investors or second-home buyers.

Despite some warning by departing Fed chief Alan Greenspan, investors may be the most at risk in a housing bubble, but that doesn't mean they are going to stop speculating. While many are taking their cash off the table, they are looking for new areas that promise greater returns.

Some Realtors say the smart housing investment money is starting to move out of the hot markets and is beginning to heat up cities no one has been talking about in a long time, like Dallas, Little Rock and Raleigh-Durham, all boom towns of yesteryear.

According to a recent study of U.S. housing markets by National City Corporation, six of the ten least overpriced markets were in Texas, which begs the question -- where are other mid-to big-city bargain markets? Try Nashville, Indianapolis, and Oklahoma City, to name a few.

Economist Richard DeKaser says that in 2004, only two percent of single-family markets were overvalued. Today, he says, nearly one out of three housing markets are overvalued, making other markets attractive options.

So if most beach towns are kicking sand in your wallet, take a look at Corpus Christi, Texas. And, for great jobs near beautiful settings, boot scoot over to Austin, Texas, where business casual includes jeans and cowboy hats.

Realtors in cities like Dallas and Austin, Texas are already reporting that a lot of their business is starting to come from out-of-state, as California and Arizona homebuyers start head east looking for bargains.

Dallas is underpriced by 11 percent, and Austin by 5 percent.

Hurricane-weary East Coast homebuyers are also looking westward to the mid and southwest, so watch for housing booms in other undervalued cities like Memphis, Tennessee underwater by 11 percent and Albuquerque, New Mexico, undervalued by three percent.

It can't hurt to look for bargains inside of the coasts, but buyer beware. Bargains are getting harder to find. Bend, Oregon is suggested to be 45 percent overpriced, along with Minneapolis (+27 percent), Boulder, Colorado (+ 23 percent,) Detroit (+20 percent) and Casper, Wyoming ( 17 percent.)

While some economists see a slowing housing market, others believe the market is only taking a breather.

Doug Duncan, chief economist for the Mortgage Bankers Association, believes there will be a "record level of sales for 2005 for new and existing properties." He thinks sales will be slower for 2006.

William Apgar, senior scholar with Harvard University's Joint Center for Housing Studies, says there's "certainly nothing in the recent news to suggest there's anything other than strength" in the housing market.

What does it all mean to you? Real estate is a good investment for the long term. If your area cools for a while, hang in there. It just might make a comeback.