Americans’ housing wealth recovers $7 trillion as prices firm

housing

By Steve Matthews | Bloomberg Business

  • Record home values from Charlotte to Dallas to San Francisco
  • Recovery helps offset stock market losses, aids consumershousing

In March 2014, Steven and Bernadette Doherty paid $183,000 for a two-bedroom home in Charlotte, North Carolina, $6,000 more than its appraised value. Today, similar houses in the neighborhood are being priced at $300,000 or more.

“We bought at the right time,” said Bernadette, a retired Wells Fargo & Co. information technology worker. “In retrospect, we were lucky as prices have gone up so much more.”

Home-price appreciation is a welcome development for households whose nest eggs were shattered by the residential real-estate bust that began a decade ago.

The 2006-2009 housing slump reduced wealth by $7 trillion. Since then, the value of homeowners’ equity in real estate has almost doubled from a low in the first quarter of 2009, Federal Reserve data show. What’s more, housing wealth is poised to reach a new record as early as the second quarter, say economists at the Federal Reserve Bank of St. Louis and Pantheon Macroeconomics Ltd.

Continued:

Share this!

Additional Articles

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories