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By STEVE BROWN
Staff Writer stevebrown@dallasnews.com
MICHAEL HOGUE
Staff Artist mhogue@dallasnews.com
Home prices have turned the corner in most major U.S. housing markets. But some metropolitan areas have a lot further to come back than others. Dallas and Denver prices are the closest to where they were at the peak of the market before the recession, according to the Standard & Poors/Case-Shiller Home Price Index. Las Vegas, Phoenix, Miami and Tampa, Fla., have the longest way to go before prices recover. Percentages below are the decline from the pre-recession peak in each metropolitan area:
Boston -14%
Denver -4%
Cleveland -17%
For sure Dallas prices given another year wont be down. We didnt give up as much so it doesnt take as far to come back and recover.
Dr. James Gaines, economist, Real Estate Center at Texas A&M University
Seattle -26%
Dallas -4%
Minneapolis -26%
Chicago -31%
Detroit -37%
Atlanta -30%
Phoenix -47%
Miami -47%
May 11 -4.7%
31,496 16,920
90
00
07
12
SOURCES: S&P/Case-Shiller Home Price Index; Fiserv; Real Estate Center at Texas A&M University
BOTTOM LINE
The Texas markets led the country into the recovery. We are probably a year to a year-and-a-half ahead of these other cities. Weve seen a lot of the mopup already take place. Since North Texas didnt have a big run-up in home prices before the recession, there was really no price bubble here. The rebound in values is happening faster. Steve Brown, real estate editor