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1. Las Vegas, NV

Median Home Price: $134,200
Decline Since 2006 Peak: -55%

Coming in at No. 1 is … viva, Las Vegas! Vivar (to live) there is actually pretty cheap right now: The median home price has dropped a whopping 55 percent from its peak of $300,000 in the second quarter of 2006. There are nearly 13,000 regular homes for sale here, and a whopping 38,000 foreclosures, according to Trulia.I’m not a betting woman, but those are some pretty good odds you’ll find a real-estate bargain here.

Of course, casinos are the main reason people come herebut the sheer grandeur — and gaudiness — of some of the hotels is worth the visit alone. Glittery interpretations of New York, Paris, Egypt and Italy, plus exotic animals, dancing fountains and even a sinking pirate ship are sure to make you go “wow” at least once! There’s also a lot of great high-end shopping here and for the adventurous, jeep tours of the red rock canyons nearby.