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Underwater: 5.6 percent
Second quarter median price: $107,164
Peak time and price: July 2008, $112,629
Fall from peak: -5.1 percent

Pittsburgh has had pleasantly stable ride during the national real estate meltdown. Over a ten-year period Pittsburgh homes showed an annualized increase of 3.1 percent, well in line with what is normal for a healthy market. Pittsburgh employers include many government and “eds and meds” employers, including Carnegie Mellon, University of Pittsburgh, and the University of Pittsburgh Medical Center which together collectively employ 100,000. According to Moody’s Analytics, Pittsburgh housing remains affordable relative to other Pennsylvania metropolitan areas. Its employment declines weren’t as steep as other markets, and growth in education/medical as well as the energy sector should keep the market healthy until local employment rebounds to pre-recession levels, which believe could happen during in 2012.

Paul Hellstern  /  Associated Press

Underwater: 6.1 percent
Second quarter median price: $119,257
Peak month: June 2010
Fall from peak: 0 percent

Oklahoma City didn’t see a drastic rise in home values like other cities did, but on the flip side, it suffered very little from the downturn. The city’s life sciences and IT sector are positive for the real estate market, and locals enjoy a high standard of living and quality of life relative to locals in other markets, around the state, according to Moody’s.

Julia Cumes  /  AP file

Underwater: 6.9 percent
Second quarter median price: $318,026
Peak month: August 2005
Fall from peak: -22.7 percent

Cape Cod may be among the many New England communities that benefited from higher down payments which can keep the contagion of negative equity at bay, according to Humphries, the Zillow economist. Cape Cod's Barnstable can expect benefits to its housing market as regional tourism continues to drive the local economy and as commuters to other cities such as Boston consider living in or spending more time in the area, according to Moody’s.

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Underwater: 7.2 percent
Second quarter median price: $190,256
Peak month: June 2006
Fall from peak: -12 percent

The Springfield, Mass., area shows short-term promise but may be lackluster over the long-term scenario, according to Moody’s. While the area is less expensive for commercial tenants than nearby Boston or Hartford, and is thus creating some jobs in professional services and financial organizations, it may not have sufficient growth industries or a sufficient population influx to counter locals moving away, Moody’s says.

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Underwater: 8 percent
Second quarter median price: $178,064
Peak month: August 2007
Fall from peak: -7.2 percent

Lancaster has recovered quickly from the downturn, but may lag the nation next year due to declines in low-tech manufacturing businesses. The city’s industrial roots and below-average educational achievement could also be negatives. But it is less expensive than Philadelphia and potentially an alternative location for cost-conscious employers considering relocation an hour-and-a-half away. Job growth will also come from residential construction and other sectors, according to Moody’s. If nothing else, for the time being housing appears to be stabilizing more rapidly than it is elsewhere in Pennsylvania, or the U.S., according to Moody’s.

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Underwater: 8.3 percent
Second quarter median price: $331,568
Peak month: July 2005
Fall from peak: -16.8 percent

Though it’s an academic and technology hub, Boston is also an expensive city that could suffer from a second, small housing price decline, according to Moody’s. On the plus side, the largest city on this list is expected to see above-average population growth. Its biotech sector is healthy, and the area’s medical and healthcare sector could be helped by the passage of healthcare reform. In addition, Beantown home prices may rebound quickly even if they continue to fall nationwide.

Michael Okoniewski  /  AP

Underwater: 8.4 percent
Second quarter median price: $99,710
Peak month: July 2007
Fall from peak: -5 percent

Utica suffered a “mild recession” and is experiencing a proportionately mild recovery. The region is expected to recover by late 2011, faster than the rest of New York state as a whole, according to Moody’s. Major employers in healthcare and government may cushion the local economy, but may not help it grow. Over the long term, the region may not beat the national economy. But some employers, like Rome Labs, may benefit from increased investment, according to Moody’s.