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6. Las Vegas

12-Month Averages:
Rental vacancy rate: 11.9%
Homeowner vacancy rate: 3.9%

Over the past five years, the Las Vegas housing market has experienced one of the country’s most dramatic boom-and-bust cycles. The city continues to feel the pain. At the end of 2011, Las Vegas ranked second in the country for gross vacancy rates, at 16 percent, and currently has an unemployment rate of 11.8 percent.

In the past 12 months, Las Vegas’ rental vacancy rates have dropped from a high of 13.2 percent in the third quarter of 2011 to a low of 11 percent in the first quarter of 2012, the most recent number available. Although Las Vegas remains one of the most vacant U.S. cities, homeowner vacancies are a bright spot, dropping from 5.5 percent over the past year to 2.3 percent in the most recent quarter.

Photo: James Reeve | Photolibrary | Getty Images