02.11.2010 - Housing matters little to U.S. consumers' wealth
From Bloomberg: “The relative importance of housing to the consumer has been highly exaggerated,” according to Tobias Levkovich, Citigroup Inc.’s chief U.S. equity strategist. Levkovich drew the conclusion by tracking the equity in single-family homes and other owner-occupied real estate as a percentage of U.S. household net worth, using data compiled by the Federal Reserve. As the CHART OF THE DAY illustrates, home equity accounted for 16.2 percent of net worth at the end of the second quarter, the Fed’s data showed. The first quarter’s figure, 15.4 percent, was the lowest in more than half a century...........................................Full Article: Source
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