Tuesday, July 15, 2008

US Housing Crash Eliminating 20 Years of Increases in Wealth

From the CEPR via Research Recap:
The crash of the housing bubble is likely to eliminate most, if not all, of the gains that US families made in accumulating wealth over the last two decades, according to new projections from the Center for Economic and Policy Research.

The median family in the cohorts from age 35-44 is actually projected to have less wealth in 2009 than their counterpart in this age group in 1989.

The median family in the cohort from ages 45-54 is projected to have just 0.8 percent more wealth in 2009 than the median family in this age cohort in 1989....MORE