Homeowner equity is lowest since 1945

NEW YORK - 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.

That marks the first time homeowners' debt on their houses exceeds their equity since the Fed started tracking the data in 1945.

No comments:

No trackbacks:

Name:			Remember personal info? Yes No
Email:
Comment:		Emoticons Textile
Please enter the security code shown at left into the box below:
Notify:		Yes, send me email when someone replies.
Hide email:		Yes, hide my email address.
Small print: All html tags except <b> and <i> will be removed from your comment. You can make links by just typing the url or mail-address.