Nevada in midst of strong recovery; home prices still below peak levels
U.S. homeowners had lost $16 trillion in net worth between 2006, when home prices reached their peak, and 2011, when prices bottomed out. Home prices fell by a third in that period, and by the end of the third quarter of last year they had climbed out of that hole. The average U.S. home price was 1% higher than it had been at the 2006 peak. The data were included in a new report, "Evaluating the Housing Market Since the Great Recession," released last week by CoreLogic.
The recovery in home prices, though widespread, has not been universal. Current home prices in 14 states remain below their peaks, even though home prices have risen in every state and the District of Columbia between 2012 and 2017.
In Nevada for example, where the peak-to-trough drop of 60% in home prices was the worst in the country, home prices remain 23% below their peak levels, even though prices are up 93% from the low point. Click here to read the full article.