The Federal Reserve recently released household net worth figures and what was found in the report continues to follow the theme regarding a shrinking middle class. Wealth jumped nicely at the upper-end of the income spectrum but overall, the cubicle hamster isn’t doing all that well. The recent improvement in home values has helped but this largely has helped investors since in the last decade we have gained 10,000,000 renting households while losing 1,000,000 homeowners. The figures are interesting and are already creeping up in the pontificating that comes with any political season. At the core, a healthy housing market is one where owner-occupied buyers dominate the bulk of home sales. That is simply not the case. This is how you have well paid tech workers in San Francisco cramming into a 2-bedroom apartment like a clown car simply to get by. One thing that is certain from the overall trend is that larger investors are pulling back from the market dramatically.
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http://www.doctorhousingbubble.com/rental-armageddon-continues-net-worth-up-at-higher-end-driven-by-housing-hot-money/
Not a healthy housing market. A few people have the money to buy into an overpriced crap shack, an increasingly ownership and wealth are given, by policy, to a smaller and smaller portion of the country. Worse if you are black.
On the other hand, the bank$ter/donors and their lapdogs are just loving the fees...
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