With the days of the recession well in the rearview, housing markets have experienced dramatic growth in home values, and some market values have surpassed previous all-time highs set during the housing bubble.
Zillow's February Real Estate Market Report found that homes are worth more than ever before in 26 percent in U.S. housing markets, which shows that these markets are close to a full recovery. According to Zillow's Home Value Index, in February, home values increased 4 point 3 percent year-over-year to 184 thousand, but remains 5 point 9 percent the record median home value set in mid-2007.
The economy received a slight boost Friday when the Bureau of Economic Analysis announced that the gross domestic product grew at an annual rate of 1 point 4 percent in its third and final estimate for Q4, an increase from 0 point 7 percent in the first Q4 estimate released in January