The quickly recovering housing industry and stock market have helped Americans get back on their feet following the recession, according to a report from the New York Times.
The article cited a recent report from the Federal Reserve, noting the net worth of American households is now higher than it was before the recession began. Household net worth has now reached $70.3 trillion, up 4.5% in the first quarter of 2013. It’s an astounding comeback, especially considering its increase in value from $68.1 trillion in 2007.
According to the Federal Reserve, real estate holdings accounted for a $784 billion of the increase.
Concurrently, the research firm CoreLogic said April U.S. home prices rose an astounding 12.1% from 2012. It marks the biggest year-over-year gain in over seven years.
California’s gain was even more impressive: 19.4% from April of 2012 to April of 2013. While May’s numbers aren’t yet available, CoreLogic is forecasting this trend to continue. The economy’s resurgence is good news for everyone, but perhaps no one is benefiting more than home owners.