Are there still cities with profitable farm areas?

[Sonja Hunter]

Finished reading J Scott's book "The Book on Flipping Houses" and am curious about the parameters he set for finding your farm area. I've looked around a bit and talked to close to 20 agents and I've found that most cities have recovered from 2008. So I am wondering if there are any cities left in the country where distressed properties are selling for 50% or less of move-in ready properties? For example, an agent I talked to in Raleigh, NC said that 50% is unheard of and that he is happy when he finds properties selling for 85% of move-in ready properties.