Written by The Business Journal Staff
According to a new report from mortgage resource website HSH.com, Fresno is one of 10 metro areas in the U.S. where the housing market has recovered the least.
HSH.com’s home price recovery index for the second quarter of 2016 showed home prices in Fresno still 35.62 percent below their peak value.
To make this determination, HSH.com used the Federal Housing Finance Agency’s (FHFA) Home Price Index as a basis to determine which housing markets have fully recovered and which still lag behind the housing recovery.
According to the latest report, Fresno ranks fifth on HSN’s list of metro areas that have recovered the least.
Las Vegas tops the least recovered list followed by Bakersfield, Stockton and Cape Coral-Fort Meyers, Florida.
The top 5 U.S. metro areas showing the greatest recovery since the 2008 financial crisis, according to the HSH.com report, are Denver, Austin, Dallas, San Francisco and Houston.
“It is important to note that many markets, even the 10 that have recovered the least, have made significant price recoveries since hitting their bottom values,” the report stated. “However, home prices in areas like Las Vegas may have been inflated to such a degree that even when they return to a ‘normal’ value they may still be well below their previous price peak.”