It’s not all bad news! According to Forbes, the top 10 metro areas for home price growth (November 2007 report):

Salt Lake City, UT - $233,100; up 21.9%
Birmingham, NY - $111,200; up 19.8%
Salem, OR - $227,900; up 16.7%
Farmington NM - $201,900; up 14%
Allentown-Bethlehem-Easton - PA-NJ - $274,500; up 12.8%
Beaumont-Port Arthur TX - $127,700; up 11.8%
Reading, PA - $157,800; up 11.2%
Glens Falls, NY - $175,700; up 10.7%
Spokane WA - $197,700; up 10.4%
Cumberland MD-W.VA - $109,300; up 9.3%