In the wake of the 2007 housing market crash, America's homeowners lost more than 6 trillion dollars of equity in their homes -- about six times the gross domestic product of Australia, according to CNN Money. Millions saw their net worth plummet, lost their retirement dreams, couldn't afford tuition for their children and watched their home value decline even more by forgoing upkeep. According to Bloomberg, some 9.3 million owners lost their homes to foreclosure and short sales, in part because they owned more than their homes were worth. Now, rising prices are finally restoring lost equity to owners who have been frozen in place, unable to sell, frozen out of lower interest rates or unable to refinance. According to CoreLogic, some economists now believe that either this year or next that national median home values will reach the peak levels of 2007. Because there is no such thing as a national housing market, such "national" medians are only statistics. In local markets...
- More than half the nation's top housing markets have now reached or exceeded their peak prices during the housing boom.
- Those markets that lost the most value due to default and foreclosures during the housing crash are farthest from achieving fall price recovery.
- Nearly half of our markets and millions of our homeowners are still years away from regaining the equity they lost nearly 10 years ago.