More than half of America’s homes are now worth less than they were a year ago; the largest share since the nation was still recovering from the Great Recession.

New data from Zillow shows that 53 percent of U.S. homes have lost value over the past 12 months, the highest level since 2012 when the housing crash hit bottom. While the national market appears flat on average, that headline masks deep regional divides.

Home prices are slipping across much of the South and West, where inventory is rising and buyers are holding back.

Fear of a recession, mortgage rates stuck above 6 percent, and a standoff between buyers and sellers have frozen many markets in place.

Some of the steepest drops are in once-scorching pandemic boomtowns. In Denver, 91 percent of homes are below their peak value.

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