I've been wondering for a while where we are in the economic cycle...
Here in the USA, I've come to the conclusion that different parts of the country are in different parts of the cycle. For instance, NY & CA, which probably came back relatively quickly from the Great Recession, might be ready to start going downhill. Not all parts of the country have been in an economic recovery for 10 years.
Here in MI, the state has been in the doldrums for YEARS after 2008. It is really only the past 1-2 years that things have really started to pick up. Hiring is up, wages are up. Wages & hiring has been only the past two years. Two years ago, hiring started to pick up. About a year ago or so, wages started to go up. Property values have been up...but they have been going up for 3-4 years. Property started going up BEFORE hiring and wages.
There have been some "goofy" things going on with real estate. For example, there are some nicer houses in Detroit that have probably gone up 10X in the past 5 years. I've seen some houses that have gone from $40k to $290k. I don't think things are going to end well for those home buyers.
Almost all property in Detroit now has some "value" attached to it. It is hard to find "zero" or negative worth properties. There is an incredible influx of "investors" or speculators.
So I think that MI is a "lagging" state. I really hope that here in MI, we don't have just 1-2 of really good years.
As to other parts of the country, people are most certainly doing better...but I still know PLENTY of people who are not yet back to their peaks back in 2008/2009. I suspect that some of those people unfortunately will never make it back to where they were. Some people were damaged just too much.
If we could get another 4-6 quarters of good growth/good economy, it would allow a lot of good for a lot of people, all across the country.