The state of Texas continues to lead the overall national real estate market with 4 metropolitian areas in the top 20 areas of home appreciation. The #1 metropolitan market for home price appreciation in the United States was the Beaumonth-Port Arthur area with a 16.7% increase from the fourth quarter of 2007 to the fourth quarter of 2008. At #6 was El Paso with +5.3%, Amarillo at #10 with +2.0%, and Austin at #19 with -0.1%.

The states of Florida, Michigan, California, Nevada, and Arizona continued to have the largest drop in real estate prices with 14 metropolitan areas dropping over 30% in real estate value between the fourth quarter of 2007 to 2008. 

data from National Association of Realtors