Looking at the magnitude of collapse in terms of percent, Las Vegas has suffered the most. Average home prices in that market grew by 135% from January 2000 until its August 2006 peak, and as of February 2012 are down an astounding 61.7% from that peak.

Prices in Las Vegas are more than 10% below their January 2000 levels, back to about the same values they averaged more than 15 years ago at the end of 1996.

Three other Sunbelt cities, Miami, Phoenix and Tampa, are not far behind. When they reached their peak in December 2006, Miami home prices had grown by about 180% from January 2000. As of February 2012, the market had fallen by about 50.3%.

Phoenix grew by 127% through its June 2006 peak, but has fallen by about 54.2%. Tampa was up about 138% at its July 2006 peak, and is down about 48% since then.