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.
