It's not news that Las Vegas, where value has dropped 48%, Miami (down 38%), and Orland (down 31%) saw a burst of homebuilding fueled by bad loans and rampant house flipping between the years of 2002 and 2006, and that those building bubbles subsequently collapsed. But it's the exurban cities just outside of easy commuting distance from the most desirable West Coast and Sunbelt metros where home values have taken the biggest pounding. Forbes
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