A CORRECTION ISN'T A BURST:

According to the latest data from the Federal Reserve, Americans' net equity in their houses jumped nearly $500 billion during the last three months of 2012 and $1.7 trillion since spring 2011.

What does this mean to you personally? Depending on where your home is, it could mean that finally -- after years of struggling with an underwater mortgage, one that exceeds the value of the home -- you are seeing the market value of your property rise into positive equity territory, or at least closer to the break-even mark. Zillow Real Estate Research estimates that nearly 2 million U.S. homeowners exited negative equity status during 2012 alone.

It could also mean that should you wish to sell your house, you're now in a better position to do so. And if your home is in one of dozens of markets that are experiencing severe shortages of listings for sale combined with strong demand from buyers, this spring could bring you a higher price than at any time in the last seven years.

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