8 of 10
St. Louis
Rent as % of after tax mortgage payment: 123.0%
Median home price change, 2006-2010: -11.7%

The St. Louis Post-Dispatch reported last week that home sales were down 12.7% in February year-over-year. The median price plummeted as well.

A rash of foreclosures and a weak market are making buyers nervous, but as grim as these numbers sound, what they also show is that renting is high (as always with depressed markets), so buying is low. Commercial investors could potentially make a killing in areas like St. Louis by purchasing now and holding until conditions improve.

NEXT: Buffalo
Last updated March 29 2011: 9:31 AM ET
Housing bear David Rosenberg says that apartment REITs should continue their streak for the foreseeable future. More
From energy savings to college costs, Americans are getting a lot of breaks from Uncle Sam during this tax season. But get them while they last -- the good times are about to end. More
Houses look more affordable than ever. But prices will have to fall further before many Americans can actually afford to buy one. More