The housing bust is officially over.
Nine years ago, the total value of housing in the United States hit $25 trillion. Then home values started to plunge, foreclosures began to mount and a nasty recession pushed the homeownership rate to the lowest level in 30 years.
The housing bust wiped out about $7 trillion worth of ordinary Americans’ net worth—but the damage has finally been repaired. The Federal Reserve says the total value of Americans’ homes hit $25.3 trillion in the fourth quarter of 2015. That’s about $450 billion more than in the prior quarter, and a new high. Nine years after home values starting falling in 2006, the sector has finally regained its losses, as the chart above shows.