In 2009, President Obama unveiled his ill-fated housing market recovery program in Mesa, Ariz., — a location chosen for its own foreclosure-riddled landscape. Two years on, despite having an unemployment rate that has declined to the national average, at roughly 9 percent, the effects of the housing crisis are still clear: low purchase prices and higher demand for rental property, resulting in a very low price-to-rent ratio of 7, and extreme affordability of home ownership when compared with renting.
Median Sales Price: $105,000
Home address: 3523 East Presidio Circle, Mesa, Ariz.
Bedrooms: 5 | Bathrooms: 6 | Square Footage: 7,710
List Price: $950,000
Next #2 Detroit, Michigan