14 states that still haven’t fully recovered from the housing crash

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American households lost $US16 trillion in net worth because of the housing and credit crisis of the late 2000s, according to CoreLogic.

Since then, there’s been a long and slow slog to recovery. Compared to the peak of the national housing market in 2006, US home prices are about 1% higher, on average.

But many states still have home prices in the red compared to where they were at the top.

To be clear, home prices at the precrash peak were far from normal; that’s why a bubble formed and then popped. Yet some homeowners who bought at the market top and survived the crash would sell at a loss today.

Below are the states where average home prices are still below their precrisis peak. It has the negative peak-to-current price change, reflecting how far underwater homeowners who bought at the top and held on still are, and the trough-to-current price change, showing how much prices have recovered from the worst point of the crisis.


Mississippi

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Precrisis peak date: November 2006

Peak-to-current price change: -1%

Trough-to-current price change: 21%


Alabama

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Precrisis peak date: August 2007

Peak-to-current price change: -2%

Trough-to-current price change: 23%


West Virginia

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Precrisis peak date: April 2006

Peak-to-current price change: -9%

Trough-to-current price change: 25%


Delaware

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Precrisis peak date: November 2006

Peak-to-current price change: -9%

Trough-to-current price change: 20%


Virginia

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Precrisis peak date: April 2006

Peak-to-current price change: -10%

Trough-to-current price change: 30%


New Mexico

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Precrisis peak date: May 2007

Peak-to-current price change: -11%

Trough-to-current price change: 20%


Rhode Island

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Precrisis peak date: October 2005

Peak-to-current price change: -12%

Trough-to-current price change: 34%


Illinois

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Precrisis peak date: January 2007

Peak-to-current price change: -12%

Trough-to-current price change: 31%


New Jersey

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Precrisis peak date: July 2006

Peak-to-current price change: -14%

Trough-to-current price change: 17%


Florida

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Precrisis peak date: September 2006

Peak-to-current price change: -16%

Trough-to-current price change: 66%


Arizona

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Precrisis peak date: June 2006

Peak-to-current price change: -16%

Trough-to-current price change: 70%


Maryland

Precrisis peak date: November 2006

Peak-to-current price change: -17%

Trough-to-current price change: 21%


Connecticut

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Precrisis peak date: July 2006

Peak-to-current price change: -19%

Trough-to-current price change: 8%


Nevada

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Precrisis peak date: March 2006

Peak-to-current price change: -23%

Trough-to-current price change: 93%


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