I believe California, Florida, Arizona & maybe Nevada top the list. Mostly due to huge run-ups in value over a short period of time. More in the larger populated cities of these states.
Here in the Phoenix metro area, the hardest hit are the outlying areas where people could buy very large houses for smaller $$.....then the gas prices escalated....most of these buyers had to commute into the city and well......you can see the snowball coming.
Also, I forgot to mention that here in Phoenix, there were "alot" of....speculators/investors...especially from California buying up property like crazy.
