8 Cities Where Home Prices Fell The FASTEST In The Last Year (PHOTOS)

08/24/2010 12:40 pm ET | Updated May 25, 2011

If you're still reeling from today's grim data from the National Association of Realtors, which reported that sales of previously-occupied homes fell to a 15-year low, you're not alone.

As the real estate market continues to struggle -- and begins to account for the expired first-time home buyer tax credit -- there's still a massive amount of "shadow inventory" dragging prices down. In fact, according to Calculated Risk, there's 12.5 months of housing supply in the market, more than double the supply seen in a typical market.

In comments to the AP, Paul Dales, U.S. economist with Capital Economics, put it this way: "With the increasingly inevitable double-dip in prices yet to come, things could yet get a lot worse."

To give you an idea of some of the hardest-hit markets across the country, we've compiled a snapshot of eight markets that showed the worst year-over-year declines in prices and sales of single-family homes as of July, according to the NAR's figures. Which market will rebound? Check them out and vote below.

8 Cities Where Home Prices PLUNGED Last Year