According to MSN, here are your best 10 options as the Top 10 "Underwater" Real Estate Cities in the nation.  You should be able to pick up a steal of a deal. They are in order of worst market first.  Note that Oregon is represented by Bend ranking in 6th position:

  1. Las Vegas
  2. Merced
  3. Phoenix
  4. Orlando
  5. Greeley, CO
  6. Bend
  7. Minneapolis-St Paul
  8. Memphis
  9. Cleveland
  10. Grand Rapids, MI

Keep an eye on these.  Investors are starting to come in with cash offers in a few of these places.