Uneven recovery: Many high-foreclosure ZIP codes haven’t bounced back

An aerial view of housing developments / Photo by IDuke / Wikicommons

 

By Matthew Speakman | Zillow

  • Within most major markets, ZIP codes that experienced the fewest foreclosures during the housing bust have recovered significantly more than those with the most foreclosures.

  • The gap in recovery rates between high-foreclosure and low-foreclosure ZIP codes is especially pronounced throughout California and in many Midwest metros.

  • The median U.S. home is worth 9.8 percent more today than its pre-recession peak value.

An average person would likely conclude that the U.S. housing market has recovered from the crash that began just over a decade ago. And in many ways, they’d be right: The nation’s median home is now worth 9.8 percent more than it was at its peak prior to the housing bust, and half of all U.S. homes are worth at least as much as they were at the peak of the housing bubble.

However, across many of the country’s largest markets, the recovery has been far from universal. Home values in more than a third of major markets still lag levels from a decade ago. But that doesn’t tell the entire story.

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