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

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

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.

PHOTO GALLERIES
8 Cities Where Home Prices PLUNGED Last Year