By Liz Dominguez

Since the recession, the U.S. real estate housing markets have undergone a significant transformation, creating a booming real estate industry that is almost unrecognizable to the one we had just a decade ago.

June marked the longest period of economic expansion for the country, reaching 121 months. What's happened in that time? According to a CoreLogic report, "The Role of Housing in the Longest Economic Expansion," the housing flip rate and home prices and rents are up. One of the biggest indicators of change, however, is the drastic dip in homes with negative equity. All of these improvements have been driven by several economic factors, such as low unemployment and rising GDP growth rates.

"During the last nine years, the expansion has created more than 20 million jobs, raised family incomes and rebuilt consumer confidence," says Frank Nothaft, chief economist at CoreLogic. "The longest stretch of mortgage rates below 5 percent in more than 60 years has supplemented these factors. These economic forces have driven a recovery in home sales, construction, prices and home equity wealth."

Home Equity Rates Have Drastically Improved
Negative equity no more. In the first quarter of 2010, the percentage of underwater homes sat at a dismal 25.9 percent. Fast-forward to earlier this year, and that number has significantly dropped to a mere 4.1 percent.