National Home prices have reached roughly 2004 levels, so all but the bubble peak is recovered to a regular range. Unfortunately, for many in states like Florida, Arizona and Illinois that range still leave 20-30% of homeowners underwater, just not as deep of water. In the Portland and Seattle regions, we seem to be just above the national ranges, but monthly price gains have leveled with a smaller supply and higher interest rates in the urban areas. Perhaps March and April will be better indicators, given the Polar Vortex shut-downs across the country that disrupted normal activity and loan processing.