5. Eugene, Ore.
Median home price: $166,000
Drop since market peak: 21.2%
Forecast gain through 2013: 12.4%

Like Corvallis, Eugene's comeback is partly being fueled by the fact that it hosts a big university.

The University of Oregon brings a steady supply of students, many of whom stay in the area post-graduation.

However, earnings here are not very high. Household income in the Eugene area is about $53,000, about $13,000 below the national median.

Still, homes are selling -- just not at the high-end of the market, said John Hoops, a former president of the Oregon Association of Realtors and a broker with Windermere Real Estate.

"On inventory under $200,000 we're seeing multiple offers," said Hoops. Sales of properties near the university are especially strong with some of the demand coming from investors who rent out properties to students.


By Les Christie @CNNMoney - Last updated May 30 2012: 11:16 AM ET
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