Sean Becketti, Ph.D., is vice president and chief economist at Freddie Mac.
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In 2011, house prices started recovering from the Great Recession. For the first few years, rapid house price appreciation was welcome news. Homeowners regained lost equity, the number of underwater borrowers shrank and delinquencies and defaults fell. More recently, though, surging house prices have led some to worry about the potential for another house price bubble.