Using data from its February 2015 U.S. Home Price Appreciation Analysis, RealtyTrac identified the top 10 markets that are still furthest below their pre-housing crisis peaks. Many of these markets were among those where home prices were most inflated during the housing bubble and most decimated during the housing crisis.
Not surprising is to see Las Vegas at the top of the list, still 43 percent below its pre-crisis price peak, given that Las Vegas was the epitome of an out-of-control speculative housing market during the bubble and the epicenter of the ensuing foreclosure crisis. Three Florida markets come in next, evidence that although the housing market has rebounded strongly in Florida over the past three years, home prices had dug an extremely deep pit during the downturn. The Riverside-San Bernardino market in inland Southern California came in at No. 4 as another market that has a deep home price pit that was dug during the downturn.