The results are not directly comparable with those of last year's list, both because we added a new type of data and because the Office of Management and Budget has reconfigured its metropolitan statistical areas. (To be considered a metro area, OMB requires at least one urbanized area of 50, 000 people.) Essex County, for example, wasn't even considered for a spot in the 2005 edition.

FORBES: Most Overpriced Places In The U.S. 2006

To compile our list of cities where home prices are still getting hammered, we teamed up with Local Market Monitor and dug down into data for more than 300 metro areas (metropolitan statistical areas and metropolitan divisions, as defined by the Office of Management and Budget) across the United States.

FORBES: Cities Where Home Prices Are Still Tumbling