Democracy
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The Great Recession ... or the Great Bubble?

The Great Recession ... or the Great Bubble?

The term "Great Recession" suggests that there is less wealth now than before the housing bubble (2000-2007) began. However, the FY2014 Fairfax County median residential assessment is $465,713, which is 62 percent higher than the inflation-adjusted mean residential assessment in 2000 ($287,486) and 20 percent higher than what the mean inflation-adjusted assessment would have been today ($387,945) if assessments had increased at the same rate as they did in the two decades before 2000.