When the housing market crashed in 2008, some areas were hit harder than the rest. While the United States has been posting broad growth across the nation, some hard-hit areas have recovered surprisingly well.
24/7 Wall Street recently came out with a list of five cities that recovered the most from the great recession. They accounted for unemployment rates in several hard-hit cities across the nation and compared the rates of 2013 to that of 2009.
Below are the top five areas that recovered the most: (List courtesy: Realtor Magazine)
1. Toledo, Ohio
Peak unemployment: 12.2%
Unemployment, August: 5.6%
2. Muskegon, Mich.
Peak unemployment: 14.5%
Unemployment, August: 6.1%
3. Indianapolis-Carmel-Anderson, Ind.
Peak unemployment: 11.3%
Unemployment, August: 6.1%
4. Battle Creek, Mich.
Peak unemployment: 11.5%
Unemployment, August: 5.5%
5. Kokomo, Ind.
Peak unemployment: 14.5%
Unemployment, August: 5.7%
In June this year, Nerdwallet released a list of the most and least recovered areas in the United States. Take a look at that list here.
While these were the most resilient cities that showed the most growth, the U.S. economy is now on the right track, according to several reports. Some experts believe the United States has already recovered.
"I think we've recovered - that's the message. We've recovered all the ground lost in many of the economic metrics that we'd look at for growth in terms of jobs. So, we've gone beyond the recovery phase. We are in the growth phase now. The economy is well ahead of where it was (when the economy went into major recession in 2008)," Shaun Osborne, chief currency strategist at TD Securities, said at the Columbia World Affairs Council.
But others say there's more to the recovery. In fact, analysts at UBS predict the recovery to extend until 2016.
"With the Fed's QE program terminating in the current Q4 (14), the economy finally will be "on its own." Continuation of the momentum initiated by expansive stabilization policies will entail various legacy effects of earlier growth," Maury Harris of UBS was quoted by the Business Insider.
