SANTA CRUZ, CALIFORNIA

Metro area population: 251,747
Median home price: $477,000
12-month change in home value: -28.6%
Home value vs. national median ($180,200): +165%
Unemployment: 12%

Only four cities in the country have higher home prices than Surf City, as Santa Cruz is often called. Located 30 miles south of San Jose, Santa Cruz's main industries include agriculture, tourism and technology, but losses in each sector have pushed the unemployment rate up.

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