While the housing crisis wasn't as bad here in New Jersey as it was in many other states, our real estate market has had a tough time recovering to pre-recession levels. That's the upshot of a new study from CoreLogic, looking at how far home prices fell in the recession for each of the states, as well as how much they've rebounded.
Home prices fell by about 30 percent in the Garden State after peaking in June 2006. That could have been a lot worse - they fell by 40 percent in Michigan, about 50 percent in Florida and Arizona, and nearly 60 percent in Nevada. But the market hasn't come back very strongly here - it's still down by 23.3 percent.
The strongest home market is in booming North Dakota, the only state that has seen significant price increases since before the housing collapse. The worst is poor old Nevada, where home prices are still off 40 percent from their peak.
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