• Price of this home: $182,000
• Last sold for: $242,000

Overdevelopment and unaffordable mortgages are coming back to haunt homeowners in this Mojave Desert city. During the boom, real estate investors had targeted this and other inland California towns as they were priced out of coastal markets.

In the bust, median home prices plummeted to about one-third of what they were at the peak, according to Zillow. Many underwater borrowers have slid into default.

This three-bedroom ranch sold for $242,000 back in 2004. Post-foreclosure, it's now back on the market for 24% less.

It has been renovated and features a front courtyard leading up to the double-door entrance. Inside, there's a fireplace, breakfast bar and tiled floors.

For further information: Trulia

NEXT: Albuquerque, NM 87121