Weak recovery for real estate: Most Florida homes still worth less then a decade ago

Florida’s economy has mostly shaken off the Great Recession. Unemployment has plummeted, consumer confidence has rebounded and tourism is at record levels.

The housing market, alas, hasn’t fared so well. Reflecting just how inflated home prices became during the bubble, just a tiny fraction of Florida homes have returned to pre-crash valuations, according to a new report by Trulia dubbed “The Housing Recovery That Wasn’t.”

“The geography of the housing market recovery has been uneven,” Trulia says. “A full 98 percent of homes in places such as Denver and San Francisco have reached their pre-recession peaks, in comparison to fewer than 3 percent of homes in Las Vegas and Tucson, Arizona.”

By Trulia’s reckoning, the town of Palm Beach has rebounded the most among Palm Beach County markets: 23 percent of homes in the 33480 Zip code have recovered all there losses. How other Zips fared:

  • 33408: 16 percent of homes have recovered lost value
  • 33477: 11 percent
  • 33458: 10 percent
  • 33405: 8 percent
  • 33407: 7 percent
  • 33404: 7 percent
  • 33417: 4 percent
  • 33461: 3 percent

Read more here…