Last year, home prices climbed past their pre-recession peak in nominal dollars, but after adjustments for inflation, prices are still 9 to 16 percent below where they were a decade ago, according to the Harvard Joint Center for Housing Studies.
Nominal home prices reached their peaks in 48 percent of all markets nationwide (454 out of 951) last year, but in real dollars, prices reached peaks in only 15 percent of all markets (138).
In contrast, real prices were still 20 percent below peak in about one-third of all markets, most located in areas hardest hit by the housing crisis, including Florida and large parts of the Southwest, Northeast, and parts of the Midwest.
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