Microgen/Shutterstock
American households lost $16 trillion in net worth during because of the housing and credit crisis of the late 2000s, according to CoreLogic.
Since that crisis, there's been a long and slow slog to recovery. Compared to the peak of the national housing market in 2006, US home prices are about 1% higher on average.
But many states still have home prices in the red compared to where they were at the top.
To be clear, home prices at the pre-crash peak were far from normal - that's why a bubble formed and then popped. However, homeowners who bought at the market top and survived the crash would sell at a loss today.
Below are the states where average home prices are still below their pre-crisis peak. It has the negative peak-to-current price change, reflecting how far underwater homeowners who bought at the top and held on still are, and the trough-to-current price change, showing how much prices have recovered from the worst point of the crisis.