This is an awesome question justin,
To be honest, our economy is not where it used to be, however it is close. Everyone knows that the state of the economy has a direct correlation with the housing market i.e. Real Estate. When people are investing there money in Real Estate the market is hot, when they invest in gold, the market is not. As for our current state of the economy. We are almost 90% recovered. Here In NYC, we have experienced an influx of foreign money which is helping to house more people via investment properties. First time home buyers are on a rise, not to mention property values have increased a steady 6% from year to year.
There is no doubt that here in NYC, quite possibly the financial capitol of the world, we are fully recovered. With interest rates still seemingly at an all time low, i feel were are only going to keep growing and increase our spending as a whole. Stimulation comes from investors/ Home buyers and in the near past we have seen homes/ properties sell for above asking prices and often we are seeing bidding wars. So homes are selling and there selling fast. No doubt in my mind the market has recovered, this is true at least here in NYC. As a New York City Real Estate professional i can only speak for this market and we are here to stay.
Hope this helps,
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All the Best,
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