Some of the states which had the largest drop in home values during the housing market collapse have begun to recovery at a rate better than the national market. It may be a case of homes become so cheap in these areas that they have become nearly irresistable.
New Corelogic data for February shows that year over year
Including distressed sales, the five states with the highest appreciation were: West Virginia (+8.6 percent), Michigan (+5.8 percent), Florida (+4.7 percent), Arizona (+4.5 percent) and South Dakota (+4.1 percent).
Several of these state are among those which have had remarkably huge drops in prices:
The five states with the largest peak-to-current declines including distressed transactions are Nevada (-60.2 percent), Arizona (-49.8 percent), Florida (-48.6 percent), Michigan (-44.0 percent) and California (-43.7 percent).
States like Michigan and Florida may seem to be in the midst recoveries, but they have so much ground to cover to get back to even, it may never happen
Douglas A. McIntyre