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Housing prices have seen a significant growth over the last year in both new and existing homes. Construction is rising rapidly, although still weak in comparison to the statistics during the housing bubble. But keep in mind that the building boom left the country with a huge oversupply of houses.

We can thank the Federal Reserve's low interest policy for much of the recent growth as this policy has made it easier to buy homes and through refinancing has put money back into the economy. The high unemployment rates are what is keeping many potential homebuyers on the sidelines at the moment.

However, if we take a look back to where the housing market was in 2009-2010 the progress that has been made is definitely moving in the right directions.