Las Vegas is now known for more than a destination spot for carefree fun. Within the last year, it's quickly become ground zero for the housing market crash.

One in every 22 homes in Las Vegas received a foreclosure filing during the first three months of this year, according to RealtyTrac.com, making it the highest filing rate in the country. The median resale home price sunk to $140,000 last month, according to real estate research company SalesTraq, leaving the bulk of homeowners upside down on payments.