Home prices in 10 U.S. states are still valued below the peaks reached before the Great Recession, according to a new report by CoreLogic, a real estate analytics company.
Connecticut leads all states with a 17% equity decrease since its July 2006 price peak, CoreLogic said in a report released Tuesday. It’s followed by Maryland and Nevada, where home values are down 11.7% and 10.7%, respectivley, from their 2006 peak levels.
The other states with home prices still below their pre-recession peak levels are the following:
New Jersey - down 8.8% from July 2006 peak
Florida - down 8.2% (September 2006)
Illinois - down 7.6% (January 2007)
Delaware - down 4.2% (November 2006)
Arizona - down 3.6% (June 2006)
Virginia - down 3.1% (April 2006)
Rhode Island - down 1.1% (October 2005)
On a national level, prices increased 3.7% in November from a year earlier and are expected to increase an additional 5.3% over the next year. Connecticut, where home prices fell 0.1% in November, was the only state to post an annual decline.
“The decline in mortgage rates, down more than 1 percentage point for fixed-rate loans from November 2018, has supported a rise in sales activity and home prices,” said Frank Nothaft, chief economist at CoreLogic.
At a more granular level, average home prices in more than a dozen large metro areas remained below their 2006 peaks. In November, single-family home prices in Las Vegas were 15.2% below peak. Prices in Washington D.C. were 3.2% below and even metros which have seen robust home price gains in recent years, such as San Jose and San Francisco, remain 6.1% and 2.5% below peak, respectively.
This article was provided by Bloomberg News.