Equity Takes A Dive
Mar 6th, 2008 at 2:47 pm by Susie
NEW YORK (AP) — Americans’ percentage of equity in their homes fell below 50 percent for the first time on record since 1945, the Federal Reserve said Thursday.
Homeowners’ portion of equity slipped to downwardly revised 49.6 percent in the second quarter of 2007, the central bank reported in its quarterly U.S. Flow of Funds Accounts, and declined further to 47.9 percent in the fourth quarter — the third straight quarter it was under 50 percent.
Back in the 70s my Grand said the rich were miffed that working-class mokes were buying homes. Nothing huge or pretentious, just outright owned. It was too good for them.