. . . the percentage of Americans who can call themselves homeowners is still declining from its peak in 2004, and many experts expect it to fall further as credit continues to be tight, young people struggle with higher-than-average levels of unemployment, and baby boomers begin moving into retirement housing.
Fixing this housing crisis, as Warren Buffett once told me, is a fundamental prerequisite for fixing our economy.
The national housing market is in recovery, but. . .it is incredibly bifurcated. . . .the top 10 percent richest markets, ranked by the aggregate value of owner-occupied homes, held 52 percent of housing wealth, equivalent to nearly $4.4 trillion. The bottom 40 percent, by contrast, held only 8 percent.
. . .one Fitch analyst said that "the growth is being propelled by INSTITUTIONAL MONEY" rather than the growing wealth of households. (my emphasis)