Los Angeles market overvalued by 61%

This CNNMoney.com article, Mortgage rates up...affordability down lists overvaluations/undervaluations for different U.S. markets and explain how rising interest rates will reduce demand to pressure price drops.

P.S. A 61% overvaluation would require a 38% decline in price to return to normal. Here's the math.

a. $1,000,000 = 161%

b. $1,000,000/X = 161/100 (represented as %) - mult ea. side by 100

c. 100,000,000X = 161 - divide by 161

d. X = $621,118.01