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Feature Where Are They Now? Some cities felt post-crisis devastation that left many wondering if they would ever fully recover. Others came out of the melee relatively unscathed. Six years later, how are these markets faring? By Tory Barringer T he Bureau of Labor Statistics' R. Jason Faberman might have said it best when he examined slow job growth in the early 2000s: "Not all recoveries are created equal." What's true for employment is also true for housing. While some markets across the country have come back in a big way since the housing crash, others have experienced some trouble getting back on their feet. MReport spoke to economists and analysts to see which metros have bounced back, which ones have stayed down, and why. ≤ Dallas, Texas D allas stands out on the list as a market that came through the housing crash "relatively unscathed," said Raj Dosaj, VP for behavioral models and home price indexes at Lender Processing Services' (LPS) Applied Analytics Division. As of February, Dallas' home price index (as measured by LPS) was $179,000, well within reach of its $180,000 peak in July 2007. Furthermore, because prices didn't decline as dramatically in North Texas as they did in other markets, the city has a fairly small amount of distressed inventory. Add to that the state's healthy economy (Texas' unemployment rate as of March was 6.4 percent, according to the Bureau of Labor Statistics), and Dallas looks likely to come out ahead in prices. "Dallas will hit a new peak if things keep going along in the economy," Dosaj said. "Dallas is in a position to be above its peak from that point just because it didn't drop off very far." "It's done a lot to work through that, but it still has some room to go," Dosaj noted. "It's probably doubtful that Phoenix will see [its former price] peak anytime soon." ∂ Phoenix, Arizona L ike the mythological creature that shares its name, Phoenix— one of the hardest-hit cities in the housing crisis—has risen from the ashes and led the nation in the overall recovery. In February, the desert city (described by LPS' Dosaj as "one of the pinup children for biggest impact and biggest collapse in the housing market") experienced 19.9 percent yearly price growth, according to LPS, maintaining its spot as one of the fastestrecovering markets in the nation. For all that growth, however, Phoenix still has a tough hill to climb. With a price index of about $189,000, the city remains 36.3 percent below its peak of $297,000 in May 2006, and the massive plunge in prices following the collapse has created a sizable distressed inventory. ∂ Atlanta, Georgia A fter a slow, torturous drop that finally ended last year, Atlanta has enjoyed a steady climb in prices, outshining many cities from some of its Southern sister states. CoreLogic's February Home Price Index registered a 12.4 percent year-over-year growth in Georgia's capital city, a sharp turnaround from the 8.1 percent decline recorded in February 2012. Georgia's index remains approximately 26 percent below its peak, but with foreclosure stock The M Report | 31