By Jeff Skrzypek

CORVALLIS, Ore. -- It hasn't been the best couple of years for real estate in Oregon, but now a recent study by CNN Money isn't helping matters.

It calls a few cities in Oregon over-valued with Corvallis toping the list. The study released by CNN Money compares median home prices, local interest rates, population densities and income. They also took into account historical premiums or discounts. Among the list though, Corvallis is the ninth ranked over-valued home market.

Realtors there say the rankings are so subjective. They say they don't understand what over-valued means or how someone could rank home markets that way.

"It's all in the eye of the beholder what is over-valued, and I don't think we're over-valued as a market or we wouldn't sell anything," said Dolf Peterson of Keller Williams Realty.

Also on that list, Portland is ranked seventh, Salem is 10th and Eugene slides in at 11th.