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Housing schmousing. Who can afford a house? Certainly not young American's....the demographic that Obama needs to keep his legacy alive.
Quote:
The share of younger households owning their primary residence fell sharply from 40% in 2007 to 34% in 2011. Among younger households, the fall in ownership was accompanied by a decline in how many younger households had debt secured by residential property.
Pew's review of personal assets--savings, retirement accounts, cars and houses--shows how devastating the long economic downturn in the country has hit Americans. Older Americans, age 35 and higher, have taken a 22 percent hit. In 2007, their assets were valued at $293,968, said Pew. By 2010, the newest figures available to Pew, assets had been paired to $230,018.
Pew noted that while the stock market has since recovered, housing is still deflated. Most older Americans have the bulk of their assets tied up in real estate and the stock market.
Younger Americans, below 35, have seen their assets drop 14 percent, from $38,071 in 2007 to $32,793 in 2010.
Good economic news. I'm sure this will be bad news to some.
[URL="http://www.bloomberg.com/news/2013-03-07/household-worth-in-u-s-rose-by-1-17-trillion-in-fourth-quarter.html"]Household Worth in U.S. Rises by $1.17 Trillion on Housing - Bloomberg[/URL]
Well, at least a small sliver of the loss of Household value at the hands of Obama has been recovered. A baby-crawl in the right direction, after nearly 5 years of plummeting. .
That means someone must pay 1.17 Trillion for the same housing. That is what the asset price is, what people are paying. So it certainly is bad news for people trying to buy a new home if they just want a place to live. Lot different sort of wealth creation than would be cold fusion isn't it? In that case it would be bad news for other energy producers, but much less the zero sum game that real estate is.
It's gonna rise even more as more homeowners are able to refinance their mortgages at lower rates.
Mortgage lenders are running commercials, 'home values are up 30% in many places, use your new equity to refinance and save thousands on your mortgage'.
Must be great to be able to create wealth without lifting a finger...and then use your unfingered wealth to increase it even more.
Very few in US opposes capitalism. I do not know a single person who claims he/she outright opposes capitalism.
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Household Worth in US Rises by $1.17 Trillion - Thanks Obama!
