Falling home-value image via Shutterstock.com.

Editor's note: This article is based on data compiled by Zillow, using the Zillow Home Value Index.

The top 10 U.S. metro areas with the greatest year-over-year median home-value declines, by percentage, from October 2010 to October 2011, were conspicuously clustered in two regions, according to data from online real estate site Zillow.

The 10 metro areas, clumped in the Southeast and the far West, declined an average of 13.4 percent, from No. 1 Gainesville, Fla.'s 17.2 percent drop to an 11.8 percent decline for No. 10 Reno, Nev.

The chart-topping Gainesville, Fla., metro area's 17.2 percent decline settled the area's median home value to $111,300 in that timespan.

Just 40 miles away, the Ocala, Fla., metro area, No. 7 on the top 10 list, showed a 12.7 percent decline in median home value, to $85,200. Nearby, Atlanta and Mobile, Ala., rounded out the Southeast metros on the list at No. 2 and No. 5, respectively.

The far West portion of the top 10 features six metros in a Pacific-leaning band that curves from No. 3 Medford, Ore., in the Northwest to No. 6 Tucson, Ariz., in the Southeast.

The Mobile, Ala., metro area, at No. 5, has the lowest median home value on the list at $78,200, and is counterbalanced by No. 9 Santa Barbara, Calif.'s highest median home value of $371,200. After Santa Barbara, Calif., the next highest median home value on the list takes a steep drop to No. 4 Chico, Calif., metro area's $169,300.

U.S. metro areas clustered in the Southeast and in the far West experienced the greatest 2011 year-over-year declines in median home value, by percentage, according to Zillow data.

Metro: Gainesville, Fla.

Alligator at Ben Hill Griffen Stadium, aka "The Swamp," in Gainesville, Fla. Flickr/jrgatormogo

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