I love Forbes' lists. This is a nice list of cities across America that have lost the most value since the "Peak" which is some magic formula using 2004 values and 3rd Quarter of 2009.
I'm not surprised by any of the cities on this list. I'm also not surprised Texas isn't on any of them. I am surprised however that the Northeast cities have done so well during this housing crisis since that area tends to appreciate quite a bit. What does that mean? In my opinion it means that area has remained in demand. Most likely because that area has been built out much more than almost all other cities on this list. Kudos to you Northeast US!