According to new data, the West is reporting some of the strongest improvements to its housing markets, as indicated by dropping delinquencies and foreclosures as well as increased home prices in certain regions. SmartAsset's findings revealed that the western part of the U.S. fared far better than other American regions following the Great Recession, with the top five metro areas posting the best recoveries all being located in Idaho, California, Washington, and Colorado.
These Western states have all posted the lowest volumes of foreclosures and delinquencies, with Colorado still holding the lowest rate at 1.74%, down from November’s rate of 1.81% according to Black Knight’s First Look at December 2019 data.
Among these top five Western regions, which included Boise, San Francisco, San Jose, Seattle, and Denver, each experienced a doubling of their HPIs since their lowest points during the recession. Alongside drops in HPI, the states with the fastest-growing HPIs have also seen their delinquency rates foreclosure-related activity drop.
Home prices, meanwhile, fell 33% nationwide between the period of April 2006 and March 2011. The data reveals that even though home prices have indeed begun to rise since this low point, the uptick has not occurred at the same pace throughout the nation.
On the opposite end of the spectrum, the five regions where the housing market fared the worst were located on the East Coast. This category was comprised of Hartford, New Haven, Bridgeport, Camden, and Albany. More alarming, four of these areas have not yet fully recovered from the recession. Adding to this somewhat gloomy news is the report that these four are not alone in the struggle to revive, as the study showed that almost 25% of the metro areas have also not yet fully recovered from the depression doldrums, with housing prices in 21 of the 100 largest metro areas having failed to reach pre-recession amounts.