My friends in real estate tell me it is a 3 to 10% drop depending upon the area. The home prices in my neighborhood are down slightly. I got screwed by Hurricane Katrina. I was building during the spike in prices. So, I'm hopeless at ever recovering my money.
The neighborhood for the raffle house has had minimal effect. They are in a prime location for schools, churches, and interstate access. If I were to live in the metro, I'd live in that area.