American Home Prices Are Still Way Off Of Their Highs

For all the promising data we've seen about the so-called "housing recovery," it's important to realize it is just that — a recovery.

Though some are calling the spike a housing bubble 2.0, home prices are still way off their 2006 highs (which is good, since that was a bubble of epic proportion).

"Overall, the recovery has been rather uneven, with states that enjoyed the largest home price increases before the recession still far from their prior peaks and states that missed the housing boom closer to recovering their losses," writes CoreLogic's Kathryn Dobbyn in a new report.

CNBC's Diana Olick highlights this chart from CoreLogic:

Dobbyn notes that Arizona, which has recently seen huge home price appreciation, is still 45.6 percent from the peak it hit 7 years ago. Even if the state maintains its current appreciation rate, it would still take another 35 months for Arizona to get back to its highs.

"Speculating on a new bubble is likely premature," concludes Dobbyn.