Blomquist: u201cThe fact that so many counties are still below their 10-year peaks demonstrates just how inflated the home price bubble was.u201d<@SM>There's still a great disparity between 10-year-peak home prices and current average prices in several major markets.<@SM>The difference between peak prices and trough prices is significant in many markets.

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IRVINE, CA—Home prices in 46% of US counties were still 30% or more below their 10-year peaks in March, according to RealtyTrac. The firm reports that while 724 counties fell into this category, 315 counties—20%—reached a new 10-year peak in 2013 or 2014.

Major counties that were still below peak include Cook County, IL (Chicago) at 37% below peak; Maricopa County, AZ (Phoenix) at 33% below peak; Miami-Dade County, FL (Miami) at 42% below peak; Riverside County (38% below peak) and San Bernardino County (43% below peak) in Southern California; Clark County, NV (Las Vegas) at 47% below peak; Wayne County, MI (Detroit) at 58% below peak; Philadelphia County, PA at 31% below peak; and Cuyahoga County, OH (Cleveland) at 45% below peak.

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Major counties that hit a new 10-year peak this year or last year included Kings County (Brooklyn) and New York County (Manhattan) in New York; Travis County, TX (Austin); Honolulu County, HI; San Francisco County, CA; Jefferson County, KY (Louisville); Oklahoma County, OK (Oklahoma City); Davidson County, TN (Nashville); Kent County, MI (Grand Rapids); and Denver County, CO.

According to Daren Blomquist, VP of RealtyTrac, “The fact that so many counties are still below their 10-year peaks demonstrates just how inflated the home-price bubble was. It is actually good to see this because those previous peaks were too high for most buyers were able to afford.”

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Looking at the counties that have hit new peaks, Blomquist adds that most of them fall into one of two categories: markets attracting outside wealth from investors, many foreign—which includes places like Manhattan, San Francisco and to a certain extent Denver; or middle-America markets that did not have as inflated a price bubble back in the mid-2000s—places like Austin, Oklahoma City, Nashville and Indianapolis.

For RealtyTrac’s interactive heat map of housing prices, click here. For a video summarizing RealtyTrac’s housing-price peak findings, click here.

While many are off-peak, home prices on the whole nationwide seem to be on the rise. As GlobeSt.com reported last week, CoreLogic forecasts that home prices on a national basis will rise 6.3% between April 2014 and April 2015. According to a recent report, firm projects that prices will increase 1% month-over-month from April to May of this year and reports that home prices nationwide, including distressed sales, increased 10.5% in April compared to April 2013.