These cities saw the biggest rebounds in home prices after the Great Recession

Twitter

 

California’s booming tech sector has helped the state’s real-estate markets to recover

By Jacob Passy | Marketwatch

When the Great Recession hit, the unemployment rate in Modesto, Calif., reached a staggering 17.5%. The city, which was known for its agricultural industry and for being the home of Gallo Winery, the largest exporter of California wines, had the third highest foreclosure rate in the country in 2010.

Today the San Joaquin Valley city is emblematic of the post-housing-crisis recovery. Modesto had the largest rebound in home prices in the country, according to a new report from real-estate website Owners.com. In Modesto, the price per square foot has increased nearly 115% from its crisis-era trough to its current level of $182 per square foot.

California as a whole has rallied the most from the housing crisis. Among the 20 housing markets that had the biggest rebounds, half are located in California. Other states with cities that experienced major rebounds include those that were hit hardest during the Great Recession: Nevada, Arizona and Florida.

READ ON:

Share this!

Additional Articles

Top master-planned communities for 2024

By AZ Big Media Here are the Top 10 master-planned communities in Arizona, based on public voting for the 2024 edition of Ranking Arizona, the state’s biggest and most comprehensive business opinion poll. Ranking Arizona

Read More »
News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.