Million-dollar misses

Located in Dallas's exclusive Greenway Parks neighborhood, this home has been listed at the same price for four months. Newly renovated and expanded, the five-bedroom has easy access to the "greenways" -- recreation areas based on an English Commons layout.

Dallas real estate largely missed the speculative boom of the past decade. "We never had a huge run-up in prices," says agent Maribeth Peters of Ellen Terry Realtors in north Dallas. So the downturn is only now beginning to reach tony areas in north Dallas, where prices fell 17% in the first half of this year.

NEXT: White Plains, N.Y., $1.1 million