A new report on the real estate economy from 2006 to 2017 from analytics and data solutions provider CoreLogic showed that the housing market has almost completely recovered from the Great Recession.
Not all states in the U.S. have been able to recover as well as the nation overall. HousingWire reports that local job market health was a primary determinant of how the housing crisis would impact a region. Nevada had the biggest decline in home prices, 60 percent, from their peak levels during the downturn. Since, home prices are up 93 percent, but still 23 percent less than its pre-recession peaks.
CoreLogic Chief economist Frank Nothaft said, “After reaching bottom in 2011, our national price index is up more than 50 percent. West Coast states, such as California, Washington and Oregon are seeing some of largest trough-to-current growth rates in home prices. Greater demand and lower supply, as well as booming job markets, have given some of the hardest-hit housing markets a boost in home prices. Yet, many are still not back to pre-crash levels.”
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