Home equity and wealth have recovered from the crisis nationally – but not everywhere.
By Andrea Riquier | MarketWatch
The quarterly economic treasure trove known as the Federal Reserve’s financial accounts of the United States, released in early December, painted a rosy picture of Americans’ finances. Household net worth rose to a new all-time high and home equity rose to just a hair below its level in 2006, before the housing bubble burst, the Federal Reserve data showed.
But missing from the 200 pages of statistics is another story: one that goes much deeper than the usual caveats about national level data failing to capture the granular detail in the real economy lived by ordinary Americans.