America's housing market rebound: Too soon to declare victory

3 things to remember about the recovery
  • 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.

In the wake of the 2007 housing 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.