According to Nick Timiraos of The Wall Street Journal there is worrying housing data for three major housing markets.

However, he is quick to pad that message with the following:

“Home prices are closing in on their records of the last decade, reigniting fears of bubbles. Time to panic?

In most markets, probably not. A few look overvalued, but that may not necessarily be the same thing as a bubble. A recent article from researchers at the Federal Reserve Bank of San Francisco does a good job of showing how prices have rebounded over the last four years without the leverage-fueled mania that gripped housing markets during the past decade’s bubble. In other words, many of the “red flags” of last decade’s boom “are not evident in the current housing recovery.””

Nonetheless, data on three markets are worrisome: San Francisco, New York and Denver.

Plus, another seven markets are being put on watch.

Read the article for the full data picture.