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Phoenix, $1.1 million
This three-bedroom house in northern Phoenix has been on the market since April. Located near the Phoenix Mountains Preserve, it boasts mountain views and includes a horse paddock on the 1.8-acre property. But while Phoenix home prices have fallen more than 50% from their peak, according to S&P/Case-Shiller, this one's price has dropped only 6% since it entered the market.

NEXT: San Diego, $1.2 million
Last updated August 07 2009: 2:31 PM ET
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