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2. Fort Myers, FL

Median Home Price: $118,000
Decline Since 2006 Peak: -54%

The fifth of Florida’s five entries is Fort Myers, coming in at No. 2 on the list. The median home price here has dropped 54 percent from its peak of $258,000 in the second quarter of 2006. There are over 5,400 homes for sale, plus 3,200 foreclosures, according to Trulia.

The “City of Palms,” as it is known, is in southwestern Florida, slightly inland but located on the Caloosahatchee River. It’s a popular destination for deep-sea fishing, according to Trip Advisor, as well as its golf courses. And, of course the gorgeous beaches. Plus, it has a bustling downtown with restaurants, shopping, nightlife and cultural attractions. Henry Ford and Thomas Edison both had their winter homes here , and they’re now tourist attractions.