2. Salinas, Calif.

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10 Cities with Real Estate Steals

Home prices fell 65 percent since 2006. The price-to-income ratio is 2.3, which is substantially lower than its average of 3.54 over the past 15 years.

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The Best Steals U.S. News & World Report reveals which towns across America boast the best housing deals right now. Read on to see the top 10 towns.

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1. Memphis, Tenn... The city’s price-to-income ratio was 1.17 in the third quarter of 2009. This is a big decrease compared to its 15-year average, and Moody’s Economy.com predicts further declines are in store, as noted in U.S. News & World Report.

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2. Salinas, Cali... Home prices fell 65 percent since 2006. The price-to-income ratio is 2.3, which is substantially lower than its average of 3.54 over the past 15 years.

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3. Medford, Ore. Medford’s home prices dropped 23 percent in recent years, and the town’s price-to-income ratio is just 1.01.

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4. Washington Home prices in the nation’s capital fell 31 percent since 2007. The current price-to-income ratio is 1.12.

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5. Mobile, Ala. The area’s price-to-income ratio averages at 2.18 over the past 15 years, but right now it’s just 1.52. The town’s local economy is improving, thanks to a boost in government jobs and assistance from its competitive port.

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6. Las Cruces, N... Las Cruces has seen a big drop in its price-to income ratio, which was 1.37 through the third quarter of 2009, compared to 3.03 over the past 15 years.

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7. Fayetteville,... Home prices in this military town have remained nearly flat over the past 10 years. Moody’s Economy.com expects home prices in the area to bottom out in 2010, as noted in U.S. News & World Report.

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Phoenix This sunny location gleams with affordability. Home prices fell 52 percent since its 2006 peak, and the area’s price-to-income ratio declined 50 percent over the past four years.

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9. Fort Worth/Ar... It’s evident that home values are undervalued in this Texas area. The price-to-income ratio is 1.89, compared to 3.95 at the end of 2005. In addition, the area’s labor market is expected to perform better than the national average.

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10. Cincinatti, ... Cincinnati’s price-to-income ratio is 1.41, slightly below its 1.46 average ratio over the past 15 years. Home prices are expected to bottom out this year, according to U.S. News & World Report.

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Empty Cities Click here to see which American cities are seeing less people and more vacant homes and businesses.