Chart 29 Past major regional home price declines have lasted for a while and been associated with weak economies.

Metropolitan Statistical Area (home price peak) Home price Employment
Price decline, peak to trough (percent) Time to climb back to price peak (years) Job losses, peak to trough (percent) Time required to climb back to original job peak (years)
Boston (88:4) 7.2 6 yrs 12.7 8
New York (89:1) 10.0 11 10.9 11
Los Angeles (90:3) 21.4 11 10.0 8
San Francisco (90:1) 3.8 7 7.3 6
Houston (84:1) 23.1 7 8.3 3
National No decline No decline No decline No decline

Note: Home price peak is the quarter in which peak occurred.

Sources: Office of Federal Housing Enterprise Oversight, Bureau of Labor Statistics/Haver Analytics.