Markets where home prices have accelerated most in the past year are not necessarily the areas most likely to see falling prices, according to CoreLogic.

While Arizona and Florida are dominating that high-flier list, it's areas such as the Northeast and Upper Midwest that could be most ripe for declines.

According to the December CoreLogic Market Risk Indicator, only 12 metro areas had over a 50% probability of a price decline in 12 months. One-third of the metro areas had a less than 10% probability of a price decline. 

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