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America's boom and bust states for housing

Think the housing bubble is over? Depends where you live.

Nearly 273,000 homes flipped from underwater territory to positive equity in the third quarter, according to property analytics and information firm CoreLogic. Still, about one in 10 mortgaged properties remained underwater, meaning that borrowers owe more on their mortgage than their houses are worth.

"There are some markets that are the laggards, including Florida, Nevada and Arizona," said Sam Khater, CoreLogic deputy chief economist, in a phone interview . "They've improved quite a bit, but they were so bad that they still have a way to go."

Most of the improvement has been concentrated in the areas that were hardest hit. An underwater rate of 3 to 5 percent is considered normal, Khater said.

"We expect the bulk of the negative equity will be gone within two to three years," he added. "This will really become a non-issue."

Here are the healthiest and least healthy housing markets, as ranked by percent of mortgages properties with negative equity.

—By Katie Little
First published 09 Jan 2015

Jacob Kepler | Bloomberg | Getty Images