Arizona, Florida, Nevada Bounced Back Most Post-Recession

California has had the best recovery, accounting for 10 of the top 20 housing markets that rebounded most since the Great Recession.

A new report by real estate website Owners.com ranks the top 20 housing markets that rebounded most from the Great Recession, and the 20 markets that recovered the least. Modesto, Calif., the city that rebounded the most overall, has not reached its pre-crisis peak of $200 per square foot, its current peak is 9.1 percent away from its pre-crisis peak. The current value per square foot in the city is $182, and Modesto has experienced 114.8 percent growth since the trough of the recession. Kevin Karty, vice president of enterprise data at Owners.com, attributes the city's rebound to the booming tech industry in California, per MarketWatch.

When the Great Recession hit, the unemployment rate in Modesto, Calif., reached a staggering 17.5 percent. 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 the new report from Owners.com.

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