The demand for housing has come back full force in the last several years since the crash, but the lack of inventory in prime locations has caused prices to skyrocket and buyers to hold back.

While 2008-type conditions aren't a large concern at this point, there are a few markets teetering on the "7th inning stretch," shows John Burns Real Estate Consulting.

"We believe that the vast majority of markets remain in the Expansion phase," wrote Rick Palacios Jr., director of research. Capital investment is increasing and home prices are too, although they're still below the prior peak.

But markets like San Francisco Bay Area, Seattle, Dallas, and Austin are "pretty close to the 7th-inning stretch," Palacios wrote. In baseball, that's the pause between the top and bottom halves of the seventh inning when many spectators grab a drink or some snacks and sing "Take Me Out to the Ballgame."

Other markets nearing the end of Expansion and beginning of Exuberance are Denver, Nashville, Los Angeles, and Washington D.C. Houston is the only market on the brink of collapse.

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