Maryland's one of them.

The company, which put out a research note and held a conference call last week on the state of the housing and mortgage markets, says the rest of the "worrisome" areas are California, Florida, Nevada, Arizona, Virginia, New Jersey and Washington, D.C.

The first four are frequently mentioned by economists are states feeling the slump keenly after riding the boom. The rest -- not so much, though there were plenty of boomtime price hikes here too.

Goldman Sachs' forecast is based on the long-term relationship between prices and the change in disposable income and long-term interest rates. It says that model suggests price appreciation is due in just two states: Michigan and Ohio. (Interestingly, these are also mentioned by many economists -- as states in trouble, because they're seeing tons of foreclosures. But they didn't get the boomtime run-up in prices.)

Thanks to Calculated Risk and Baltimore Housing Bubble for catching this. There's some discussion about the prediction in my story today on the OFHEO house price index.